Caspian Banking and Finance Forum opens in Baku
6^th Caspian International Banking and Finance Conference

13 - 14 April 2010, Grand Hotel Europe, Azerbaijan

Today, 13 April, Caspian Banking and Finance, the 6th Caspian International Banking and Finance Conference and Showcase, began in the Grand Hotel Europe.  Caspian Banking and Finance is supported by the Central Bank of the Azerbaijan Republic, State Committee for Securities of Azerbaijan, Association of Banks of Azerbaijan, National Bank of Kazakhstan, Association of Banks of Georgia, Association of Russian Banks, European Bank for Reconstruction and Development, and Azerbaijan Association of Risk Professionals.

The conference and showcase are organised by ITE Group and its partner in the Caucasus, Iteca Caspian.  The sponsors of the conference are 4C Diamond, PriceWaterHouseCoopers, Amrahbank and TexnikaBank.  The partners of the exhibition include Azerfon-Vodafone (communications partner), Pasha Sigorta (insurance company), Caspel (technical support), and Qafqaz Point Hotel (official hotel of the exhibition).

At the official opening ceremony of the conference, Dr. Rustamov, Chairman of the Central Bank of Azerbaijan, welcomed the delegates and noted important role of Azerbaijan’s banking sector in the country’s economy: “We need a new diversified model of economic growth, which will build on the basis of external demand, export diversification and the competitiveness of Azerbaijan's economy.  The new concept will improve the quality of regulation by the state, and allow decisions to be made not post factum, but in anticipation of possible risks.”

According to Mr. Samedzade, Chairman of the Parliamentary Economic Policy Commission, Azerbaijan could become a model for other countries: “In a very short space of time, we have managed to create a strong banking system, which is the result of a well-planned government policy.  The MP also said that the global financial crisis, as well as the experience of other countries, including China, showed that not everything is determined by the market, and if the government’s influence on the banking sector is optimal, then the financial risks are considerably reduced.

The guests agreed that the conference provides another opportunity to assess the consequences of the global financial and economic crisis, its impact on Azerbaijan’s economy, and the prospects for the future.

Each year, the circle of exhibitors and visitors expands.  Amongst the delegates are representatives of the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Black Sea Trade and Development Bank, AFBBank, Amrahbank, Bank of Baku, Deutsche Bank, Finca Azerbaijan, Fitch Ratings, International Bank of Azerbaijan, Kapital Bank, NBC Bank, Pasha Bank, Raiffeisen Zentralbank, Rietumu Bank, Royal Bank, Standard Bank, insurance companies, leasing companies, investment banks and consulting, legal and auditing firms.

The main topic of the conference was the impact of the global economic crisis on the region’s banking system.  There was great interest in a talk by Mr. Marchenko, Chairman of the National Bank of Kazakhstan, about the overall situation in Kazakhstan’s banking sector, and the many similarities in the banking system of Azerbaijan and Kazakhstan.  The second session of the first day of the conference discussed the strategic transition from a policy of extensive growth to a policy of sustained performance in the banking sector.   The first day of the conference discussed the prospects for the development of regional financial and capital markets as alternative and effective sources of raising capital for commercial banks and businesses.  The speakers at these sessions included: Vugar Aliyev, Partner, Audit Division, PricewaterhouseCoopers Azerbaijan; Mr. Rufat Mahmud, Chairman of the Board of Directors, Association of Risk Professionals of Azerbaijan; Mr. Michael Turner, Director, 4C-DIAMOND BVBA; Mr Afgan Afganly, Head of Finance, Baku Stock Exchange; Mr. Fariz Azizov, First Deputy Chairman of the Board, National Depository Centre; and Mr. Mansur Mamedov, Director of the Azerbaijani office of Kazimir Partners.

The delegates were given a tour of the exhibition which runs alongside the conference in the Grand Hotel Europe.  The exhibitors include: Amrahbank, Azel, Bank of Baku, Caspel, Datorikas Instituts DIVI, Kapital Bank, NBC Bank, Pasha Bank, Pasha Insurance, Smart Systems, Texnikabank, 4C Diamond and others.

The exhibition presented new banking technologies.  AZEL, a leading Azerbaijani company in the field of systems integration, gave a presentation at its stand of a new solution for the banking sector - Progress, which was created on the basis of SAP NetWeaver.  The new system, known as PROGRESS Financial Solution, will improve the quality of the processes that provide the company’s main competitive advantage.  Caspel, which is also the technical support provider for Caspian Banking and Finance, gave a presentation on new information kiosks for banks.

On the first day, the conference provided the results of annual research and market analysis of the region.  In addition, the conference provided an excellent opportunity for communication between participants, and facilitated stronger business ties.  In short, Caspian Banking and Finance is a major business forum for specialists from the region’s financial sector.