OREANDA-NEWS. December 06, 2010. EBRD became the shareholder of the Bank with 25%+1 share, reported the press-centre of DemirBank.

“Having EBRD among the shareholders of our bank is the result of DemirBank’s dynamic growth and successful cooperation with EBRD on various programs since 1997. This contract have expressed the international financial institutions’ interest and confidence in DemirBank. This event being one of the most significant events in the history of the Bank is among its critical development factors,” said Chairman of the Management Board Roman Amirjanov.

After EBRD Holland Financial Company for Development (FMO) also entered DemirBank’s capital with 10% share in 2007. These 2 large international financial institutions are also represented in DemirBank’s Supervisory Board which means that they are involved in the strategic development and governance of the Bank.

DemirBank has also closely cooperated with EBRD on credit and trade finance programs since 1999. DemirBank was the first bank in Azerbaijan that began cooperation and attracted resources in this area from such a notable organization. Currently the total amount of EBRD’s credit lines to DemirBank is 47 mln.USD.

EBRD also strongly supports DemirBank in its institutional development. Within the Bank’s institutional development program financed by EBRD DemirBank has received technical and advisory services for strengthening its operation and development from British Lloyds TSB company. EBRD also participates in other programs dedicated to the improvement and enhancement of DemirBank in different areas.

EBRD also supported DemirBank in introducing the best and widely used programs “SAP for Banking” automated bank system. Implementation of the full package of “SAP for Banking” system will increase the quality of the Bank’s operation and development. DemirBank is the first company in Azerbaijan and South Caucauses that implemented  “SAP for Banking” system in such a broad form. 

As one of the first banks in the country DemirBank has made a lot achivements in its 21 years of activity since 1989. With the attraction of EBRD to its capital DemirBank has expanded its operation and strengthened its position in the country’s banking sector.  DemirBank plans to continue and even expand its cooperation with EBRD.