Azerbaijani bank plans to place subordinated bonds

Business Materials 12 January 2011 17:16 (UTC +04:00)

Azerbaijan, Baku, Jan. 12 / Trend N. Ismayilova /

Azerbaijani Parabank plans to place subordinated bonds worth 5 million manat this February, the head of the treasury department of the bank Elnur Agayev said.

"The bonds will be issued at a rate of 14 percent per annum for five years," he said.

He said that the nominal value of 1 bond will be 1,000 manat. Thus, the bank issues 5,000 bonds.

Parabank was established in 1991 as a commercial bank. Being one of the first commercial banks in Azerbaijan, Parabank offers its clients universal financial services. Since July 2007, "Parabank" is a member of the Azerbaijani Deposit Insurance Fund.

The official exchange rate is 0.7996 manat to $1.