Azerbaijani Bank to Extend Activities with Corporative Sector
Azerbaijan, Baku, 2 June / Trend corr. I.Khalilova / The commercial Pasa Bank will appeal the National Bank of Azerbaijan (NBA) to get the permission to extend its authorized capital from AZN 58mln to AZN 100mln, Farid Akhundov, Chairman of Bank Board stated.
Bank's current joint capital is AZN 60mln, and is planned to increase it up to AZN 102mln. The authorized capital will be increased at an expense of shareholders (three juridical entities and one individual).
"However, the bank does not plan to increase the credit portfolio," Akhundov said.
At present, the credit portfolio of Pasa Bank reaches AZN30mln. According to Akhndov, some huge projects are being developed currently. Bank still allocates loans at five years term.
Currently, Pasa Bank is actively operating in the state securities market of the country.
"Liquidity is not strong enough, and therefore we are working with the only securities - National Bank notes, and the portfolio varies from AZN 20mln to AZN 25mln," Pasa Bank.
In the whole, bank continues to develop strategic working techniques, which include internal formation, as well as training of the staff and extensions of the Bank activities. The International Financing Corporation rendered assistance to Pasa Bank to introduce corporative managing standards at the early stages of bank establishment.
The bank's strategy covers 2007-2009. At present, some changes are being introduced into the Bank's strategy. Pasa Bank is not to participate in the retail market and also with serve corporative clients and some private clients.
The bank assets total AZN 40mln.
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