01/08/2011PASHA Bank OJSC and Junior Achivement Azerbaijan (JAA) successfully continue the implemenation of the "Bank in Action" project. 36 undergraduate students, previously selected to participate in the project from the Azerbaijan State Economic University, Baku State University and Qafqaz University, participated in the interactive training and business simulation exercises on June 2011 at the Azerbaijan State Economic University.
The training structure and methodology was built upon the "Banks in Action" computer software. During each session, the students learned the fundamentals of the banking industry and then had the opportunity to apply what they learn in a competitive environment using the "JA Banks in Action" computer simulation. Through the simulation, students formed banking teams and operated a bank over time by making several decisions, each of which represented three months or a calendar quarter. The banking team that developed the best strategy and made a greater profit than its competitors became the winner, earning the title "Bank of Choice."
"Banks in Action" project is one of a number of hands-on experiences that Junior Achievement Azerbaijan offers to promote economic empowerment for young people. Geared to undergraduate students, "Banks in Action" demystifies finance and the basic concepts, functions and history of banking while exposing students to the many possible career paths in the financial services industry. The program also teaches young people how to become better citizens and smarter consumers.
In Azerbaijan, the program is supported by PASHA Bank and the Central Bank of Azerbaijan and implemented by Junior Achievement Azerbaijan.
PASHA Bank OJSC is part of "PASHA" group of companies and was established in June 2007. The bank is operating under the license dated 28 November 2007 No 250 issued by the Central Bank of the Republic of Azerbaijan. The Bank's official auditor Ernst & Young and tax consultant PricewaterhouseCoopers are international audit companies. PASHA Bank OJSC has membership with the Deposits Insurance Fund, Azerbaijan Banker's Association, Baku Inter-bank Stock Exchange (Certificate NoFX-96, 27 June 2008), AMCHAM, the National Entrepreneurship Support Fund of Azerbaijan Republic and Azerbaijan Mortgage Fund. In terms of the volume of paid-in capital (123.4 million AZN) the Bank is the second largest in the domestic market.
Junior Achievement Azerbaijan (JAA) is the local representative of JA Worldwide, the world's largest non-profit organization in the field of youth business education that works in more than 110 countries and annually reaches 9 million students. Junior Achievement mission is to inspire and prepare young people to succeed in a global economy. In Azerbaijan Junior Achievement started in 1998 and since then JA Azerbaijan trained thousands of students and more than 300 teachers from 260 schools in 28 regions through the funding from the public and private donors. Junior Achievement Azerbaijan supports and helps directly by training and assisting its beneficiaries to learn essentials of business, entrepreneurship, finance, and economics and to be better prepared for their roles in Azerbaijan's economy.