by the MicroCapital Team - Eastern Europe and Central Asia, South Asia, East Asia and Pacific -

PRESS RELEASE: Shakir Ragimov Appointed to Micro Finance Bank of Azerbaijan’s Board

Source: Micro Finance Bank of Azerbaijan (MFBA).

Original press release not available online.

BAKU, July 25 – Today a Management Board change has taken place in the Micro Finance Bank of Azerbaijan (MFBA). Mr Shakir Ragimov, who joined MFBA when it was created in 2002, succeeded LFS Consultant Alexander Larionov in the position the Director of Business Banking. The change took effect upon Mr. Ragimov’s successful accreditation by the National Bank of Azerbaijan.

MFBA employees are trained by international consultants whose mission is to localize the management of the bank. Today MFBA employs over 700 local staff and most of the management positions are already filled by Azerbaijanis.

Upon his appointment, Mr. Ragimov stated “I started at MFBA as a trainee loan officer. The bank gave me, as it does to many others, huge opportunities for professional development. I hope that, as a member of the Management Board, I will be able to contribute to the development of our bank and its role as a leader in microfinance”.

General Manager Andrew Pospielovsky, welcoming Mr. Ragimov`s appointment said, “MFBA was created to perform a dual role in developing the Azerbaijani economy – to finance the growth of small businesses, and to assist in the development of the banking sector as a whole through training and developing local staff and expertise. I am proud of the fact that the majority of management positions in our bank are now filled by local staff. During the past 6 years Mr. Ragimov has risen through the ranks of MFBA – from trainee Loan officer to a Member of the Management Board. And Mr. Ragimov is not an exception in MFBA – today we are recruiting over 200 young university graduates per year and training them for professional careers in banking”

Micro Finance Bank of Azerbaijan is 100 percent foreign owned by six international organizations: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government, LFS Financial Systems GmbH – a German consulting company, and AccessHolding – a leading investor in microfinance.

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