OREANDA-NEWS. April 05, 2011. DemirBank and International Finance Corporation has signed Memorandum of Understanding for the improvement of corporate governance practices. Within the program, IFC will conduct the assessment of DemirBank’s corporate governance practices and take appropriate measures to improve and bring them in compliance with international best practices, reported the press-centre of DemirBank.

According to Memorandum, the Bank’s supervisory and management boards and major shareholders will be provided with consultations and trainings. International Finance Corporation will facilitate the Bank in improving its internal documentation, financial reporting, information disclosure and transparency, as well as internal audit and control functions.

It shall be noted that this is the second Memorandum on Advisory Services concluded between DemirBank and International Finance Corporation. In May 2010 the Memorandum was signed to improve credit portfolio management, risk management, management information system, human resource management and internal audit, and currently intensive work in this direction is ongoing.

Moreover, DemirBank closely cooperates with International Finance Corporation on Global Trade Finance, Micro and Small business financing and Housing finance programs. The total credit line opened to the Bank within these programs amounts to 15 mln.USD.

One of the first banks in the country DemirBank (former name Azerdemiryolbank) started its operation in 1989. The shareholders of the Bank include large international financial institutions, such as European Bank for Reconstruction and Development and Holland Financial Company for Development (FMO).