Azerbaijani PASHA Bank intends to increase concessional lending of business
Azerbaijan, Baku, Sept 12 /Trend A.Akhundov/
Azerbaijani PASHA Bank expects to increase the volume of concessional finance of business through the funds raised from the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development until the end of the year, Member of the Board, CFO Shahin Mammadov said at a press conference on Wednesday.
"Today, the bank's portfolio formed in the amount of 26 million manat, it will increase by the end of the year, as we consider new applications from business entities," Mamedov said.
According to the rules of the fund, small loans can be issued in amount of 5,000 to 50,000 manat, average loans - from 50,000 to 500,001 manat and large loans - from 500,001 to 10 million manat.
The total loan portfolio of PASHA Bank increased by 22 percent to $300.33 million manat during the first half of the year compared to 246.77 million manat in late 2011.
PASHA Bank was established in June, 2007 and operates under licence of the Central Bank of Azerbaijan dated Jan.28, 2007.
The Bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company 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 per cent of the shares in Kapital bank.
Pasha Bank shareholders are: PASHA Holding with 60 per cent, ADOR Ltd with 30 per cent and Arif Pashayev with 10 per cent.
Official exchange rate on Sept 12 is 0.7852 AZN/USD