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"Pasha Bank" looks forward to Azerbaijan's first IPO by end of year

Business Materials 21 August 2014 17:45 (UTC +04:00)
Azerbaijan's first IPO can be held before the end of this year

Baku, Azerbaijan, Aug.21

By Zulfiyya Kurbanova - Trend:

Azerbaijan's first IPO can be held before the end of this year, Manager of Department of Pasha Bank Investment Banking Farid Aliyev told the media Aug. 20.

GoldenPay, a company specializing in the field of electronic payments is preparing its IPO. Pasha Bank is one of the partners supporting the process of placement preparation.

"Currently, this process continues. IPO differs from the placement of corporate securities for its complexity," he said. "Because of certain technical reasons this process may be delayed, but we hope that it will be completed by the end of the year," he noted.

Aliyev says that currently Pasha Bank studies the market and negotiates with both the investors and the company itself.

"This is the first IPO in Azerbaijan and we want it to be successful even if the process is slightly delayed. Therefore, neither us nor the company wants to rush," said Aliyev.

Pasha Bank is a leading corporate bank in Azerbaijan. The bank founded in 2007 provides a wide range of corporate banking services, namely the issuance of loans, transactions in the securities market, assets management and treasury services. In Pasha Bank employs 268 people at their head office and four branch offices. Within the frameworks of "Europe Banking Awards-2011" and "Europe Banking Awards-2012" Pasha Bank was declared the "Best Investment Bank of Azerbaijan" and awarded with the "Best Private Bank in Azerbaijan" in an issue of World Finance magazine in 2013.

Pasha Bank with a registered capital of 333 million AZN remains the most capitalized private bank in Azerbaijan.

Pasha Bank is part of a group of Pasha Companies, a major investment holding company in Azerbaijan widely represented also in such sectors as insurance, construction, production of construction materials, tourism and other areas of business. Kapital Bank, one of the largest banks in the retail market in Azerbaijan is also owned by Pasha Group companies.

The official exchange rate for August 21 is 0.7842 AZN / USD.

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