Few weeks ago, my counterpart from Baku, the vice chairman of the bank sent me a Standard & Poor’s survey. It was the first S&P’s survey conducted in Azerbaijan about banking industry. My organization was named as one of the top five most transparent banks in Azerbaijan. My counterpart was proud and I could sense his excitement. For the past year, we had been working together closely to compile the quarterly filings and year end audited report.
Most local ba
nks here do not publish quarterly or annual report. The law requires it but the authority does not enforce it. Even the Central Bank of Azerbaijan (the biggest bank) does not disclose information about its operation. Only a few local banks with foreign shareholders would comply with the International Financial Reporting Standards (IFRS) and publish their annual report in their website.My bank is a typical Azeri local bank but borrows money from international financial institutions. The loan agreement requires a quarterly financial with disclosure of certain KPIs (Key Performance Indicators). Annual audited report is needed as well. Therefore, in term of reporting standard, my bank is ahead of most of the banks in Azerbaijan. Additionally, my counterpart is an American educated man. He opens to new ideas, and takes pride for what he does. I really enjoy working with him. After reading the survey, I came up with an idea to help the bank create an “Interim Financial Report”, and publish the financial information in its website. I figure, by doing so, not only I can contribute something to the bank, but also I will learn more about banking. Hopefully, when I return to the US next year, more opportunities will be open up to me. After doing some research, I drafted up a report with charts, graphs, MD&A section, mission statement, future outlook and financial write up with detail analysis. I sent the draft to the vice chairman. He seems to like the report and we will go over it together next week.
Once a PCV friend asked me as why I would accept this bank assignment. What I am doing now is similar to what I used to do in the US. Well, I agree. Initially I was not happy for my assignment and wanted to do something else, like working for the orphanage, agriculture business or other NGO. In fact, this assignment was intended for another PCV who has more banking experience but that person did not want to do it, so I am kind of “stuck” with this job.
Remember more than a year and half ago when I was in New York talking to a recruiter from Washington DC, I had made a promise to her (Peace Corps) that I would go anywhere and do anything for Peace Corps. Flexibility is one of the qualities which Peace Corps is looking for from a PCV. Personally, I think it is the quality everyone should have or learn to have. I come to this country to help not for my own personal interest. If there is a need for my skill in the bank, why not?
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