Azerbaijan, Baku, September 21/Trend, A.Akhundov/
Azerbaijani Demir Bank starts the implementation of the project for strengthening the protection of its customers' rights within its partnership with MicroFinanza Rating, the international rating agency and IFC, the international financial corporation, Deputy Head of the bank Rauf Akhundov told Trend on Friday.
"MicroFinanza Rating will diagnose the situation with the customers' rights in the bank at the first stage and will give recommendations and at the second stage it will monitor their implementation and will conduct a certification," the Deputy Head of the bank said.
According to Akhundov, the project will also take into account the recommendations of the Central Bank of Azerbaijan, concerning the restructuring of contracts with customers, marketing materials provided to them and so on.
"The aim of this project is to improve the quality of services offered by the bank, which is very important in establishing long-term relations with customers. Though the budget of the project is small (12,000-15,000 euro), it is of great importance for the bank. The results of certification which will be conducted by MicroFinanza Rating, will be used for eliminating the shortcomings in this sphere," Akhundov said.
According to him, the trilateral agreement will be signed soon.
The first commercial bank of Azerbaijan, Demir Bank began its operations in October 1989. Shareholders of the Bank include large international financial institutions, such as the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO). DemirBank has a "B" rating with a "stable" forecast from Fitch Ratings and Planet Rating.
