Azerbaijani bank aims at actively promoting securities transactions
Azerbaijan, Baku, Feb. 24 / Trend N. Ismayilova /
The securities investment portfolio of the Azerbaijani Pasha bank has increased by 86 percent to 156.5 million manat over the last year, Chairman of the Board Farid Akhundov said at a press conference on the results of activity in 2010.
"Last year the bank joined Reuters and Bloomberg systems. It actively and effectively participated in operations with securities and foreign exchange. Interbank placements and balances amounted to 74.6 million manat; they increased by 54 percent. The non-interest income from treasury operations increased 105 percent and amounted to 4.1 million manat," he said.
He said that the bank successfully launched the trading transactions with gold.
"We are ready to work with excellent new tools. We buy and sell gold on foreign markets, and also actively promote other new instruments such as securities trading. These are mainly Azerbaijani issuers', state and corporate bonds, he said.
He said that this year the bank plans to start work with bonds issued by foreign countries and companies both near and far abroad. In particular, the bank plans to enter the markets of Russia and Ukraine.
"This will be conducted only in the interests of the bank, but it is possible to provide such services for Azerbaijani customers in the future," he said.
The bank will consolidate actions in this direction in the future. Specific activities aimed at increasing their volume will be conducted.
"The bank also plans to organize IPO emissions. This year we are negotiating with several potential issuers. We hope that our proposals will cause their interest, and risks of these issuers will be acceptable and interesting for the market, " he said.
He said that the bank plans to bring this product to the Azerbaijani market, but it is too early to enter the foreign market.
"Therefore, it is desirable for the State to be able to create a benchmark for Azerbaijani companies and banks abroad through the Ministry of Finance, because single shots are ineffective without it," he said.
The Pasha Bank was established in June 2007.
The Pasha Bank, along with Pasha Insurance, Pasha Life, Pasha Travel and Pasha Construction, is a part of Pasha Holding. It is actually an investment company, rather than a classic holding company.
The Pasha Holding owns 60 percent shares, Ador - 30 percent and Arif Pashayev - 10 percent.
The official exchange rate is 0,7943 manat to $1.