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International Bank of Azerbaijan to Optimize Branches

International Bank of Azerbaijan (IBAR) has announced plans for optimizing branches, based on BPM (Business Process Management) technological platform.

By the end of 2017 all branches should be based on the new concept. The management of IBAR-Georgia does not know whether the regional network will be also included in the new platform.

IBAR stakeholders – (IBAR – 75%, industrial bank – 12%), Natia Chkhartishvili 6.25%, Mikheil Chakhrtishvili – 6.25%. The supervisory board was recently renewed (Vugar Ulukhanli, Nabi Aliev, Nazim Gulierv).

IBAR has problems with covering debts to foreign creditors. IBAR Georgia has cut its portfolio 2,2 times (-54% year on year).

IBAR launched operation on Georgian market in February 2007. The bank has taken part in large-scale projects such as Baku-Tbilisi-Ceyhan oil pipeline, Baku-Tbilisi-Erzurum gas pipeline, Baku-Tbilisi-Karsi railway, Kulevi oil terminal).