Azerbaijan, Baku, May 8 / Trend , I.Khalilova/
Despite the lack of credit history, Pasa Bank Open Joint Stock Company which functions on the banking market of Azerbaijan within a year and a half has already drew loans from foreign banks, the chairman of the board of the bank Farid Akhundov said. [Pasa Bank was founded in June 2007 and operates in line with license by the Central Bank of Azerbaijan, dated Jan. 28, 2007.]
Akhundov refused to divulge volume and said that loans were drawn from the European banks.
"We will continue to operate abroad in 2009," Akhundov said. "We have no limits on drawing of loans, and we are ready to draw loans depending on demand and increasing volume of business."
Akhundov said the bank also intends to work with the European countries, Dubai, Turkey, Japan, where customers of Pasa Bank purchase a large amount of goods. The bank is currently negotiating in this direction.
At present Pasa Bank's loan portfolio amounts to 57.17 million manat (a 6.4-percent increase compared to early 2009). The bank issues loan for 5 years.
In generally, the bank's assets reached 207.82 million manat with a 4.8-percent increase compared to early 2009. The bank invested in securities worth 79.32 million manat which reduced by 20.3 percent.
"We have begun from zero. Therefore, the Bank's financial indicators grow in a slow rate, but it is long," Akhundov said.
In general, the bank is still lasting strategic development for internal development of the bank, staff training, expansion of Pasa Bank, positioning the brand on the market. The bank' plans also include cooperation with international financial organizations. Earlier, Akhundov said International Finance Corporation assisted the bank in applying corporate governance standards. The negotiations also under way with the EBRD, the head of the bank said.
The strategy of the bank covers 2009-2011, as part of which Pasa Bank is not going to participate in the retail market, but intends to serve corporate and private clients.
The Bank already serves 200 corporate clients. As for May 1, its aggregate capital was 115 million manat and authorized capital - 100 million manat. In late 2008, the bank ranked fifth on the profitability on the Azerbaijani banking sector.
Pasa Bank OJSC along with Pasa Insurance, Pasa Travel and Pasa Construction includes in the Pasa Holding, which is actually investment company, but not a classic holding company.
The bank's shareholders are: PASA Holding - 60 percent, ADOR ltd - 30 percent and Arif Pashayev - 10 percent.
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