OREANDA-NEWS. April 7, 2009. Since the beginning of 2008 Azerdemiryolbank has been conducting large-scale reforms orientated at development of treasury, risk-management, and internal audit. New structures have been created, and qualified specialists have been attracted since then.

As a result of effective work of Treasury and Internal Audit Departments violations have been revealed in the activity of the Bank’s Shamakhi branch, in particular, the head of this branch was suspected. Thank to preventative measures taken in time the sum of machinations was not large, less than 0, 19% of the bank’s total assets. In this connection, the head of the Shamakhi branch was dismissed, and the appeal was made to the Azerbaijan’s General Prosecutor Office for filing a lawsuit on the matter.

Azerdemiryolbank noted that currently works for return of funds are going on. According to the head of the Bank’s Board Roman Amirjanov, funds of the bank have been insured against machinations, so there is not any risk for the depositors.

Azerdemiryolbank will continue the improvement of Treasury Department’s activity, risk management and internal audit, and will keep to the policy of “zero” tolerance towards any smallest international violations.

Open JSC Azerdemiryolbank was founded in 1989, and is one of the oldest banks in Azerbaijan. During 20 years the bank classifies the protection of its depositors’ interests and clients as prior criteria of business activity.