Azerbaijani PashaBank intends to expand project financing

Azerbaijan, Baku, March 14 / Trend, A. Akhundov /

Azerbaijani PashaBank is holding consultations with the Central Bank of the country to mitigate the framework governing financing of projects by banks, PashaBank Chairman of Board Farid Akhundov told media on Thursday.

"Today's regulatory standards do not allow the full use the opportunities of such interesting area as project finance," he said. "For example, certain collateral is required to finance the ambitious project of 30-35 million Manat. So, we are holding consultations with the Central Bank to look for new forms of collateral while financing the projects."

He added that the bank is already involved in financing the projects of grain and cement plants and intends to expand this activity in the future through a branch in Georgia.

"We begin to work with large Georgian companies in this direction," Akhundov said.
PASHA Bank was established in June 2007 and operates under a license of the Central Bank of Azerbaijan dated Jan.28, 2007.

Its primary objectives are the strengthening of its leadership in corporate customer service, the qualitative growth of business in priority areas defined by the strategy and the creation and continued development of long term and trusted relationships.

The Bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in Pasha Holdings, which is actually an investment company, but not a classic holding company. Kapital Bank is also included in the structure of the Pasha Group. The Holding owns 99.75 percent of shares in the bank.

Pasha Bank shareholders have: PASA Holding with 60 percent of the shares, the company ADOR Ltd with 30 percent and Arif Pashayev with 10 percent.

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