Pasha Bank to diversify external borrowings portfolio
Azerbaijan, Baku, June 20 / Trend, N. Ismayilova /
The Azerbaijani Pasha Bank plans to diversify and expand its external borrowings portfolio in the next few years, Director Farid Akhundov told Trend.
"Mainly, all credit lines, drawn by the bank are associated with trade financing. The bank has not attracted funds to finance small and medium entrepreneurship and for the needs of corporate clients partly because it has sufficient liquidity, as well as due to the fact that we are still strategically evolving in this sphere," Akhundov said.
He said the bank has recently increased its trade financing, which confirms that by late this year the structure will reach the projected indicator.
"It is not ruled out that in the next couple of years we will begin more actively attract foreign funds not only for trade financing, but also in other spheres," Akhundov said.
Pasha Bank aims to expand trade financing to 60-65 million manat in 2011. As of early year, the portfolio amounted to about 37 million manat.
Pasha Bank was established in June 2007 and operates under license of the Central Bank of Azerbaijan dated January 28, 2007. The bank's authorized capital amounts to 123.475 million manat.
The official exchange rate is 0.7875 manat to $1 on June 20.