Azerbaijan, Baku, March 29 /Trend A.Akhundov/
Azerbaijani Pasha Bank intends to begin the process of selecting and implementing an automated treasury system in 2012, administrator of the Main Treasury and Corporate Banking and Member of the Board Taleh Kazimov said on Thursday.
"It is an innovation for the banking sector of Azerbaijan. The most advanced experience in this field will be used during the introduction of the system," Kazimov said.
According to Kazimov, the funds of the Department of Treasury and financial markets in 2011 provided 56 percent of bank assets and amounted to 322 million manat. This amount is formed at the expense of 40 million manat, being in cash and on correspondent accounts, the securities portfolio of 261 million manat and interbank lending and deposit portfolio in the amount of 26 million manat.
"In 2011, the interest income received by the department, have reached a level of 9.3 million manat, which is 25 per cent of total interest income of the bank," Kazimov said.
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 the bank.
Pasha Bank shareholders are: PASA Holding with 60 per cent, ADOR Ltd with 30 per cent and Arif Pashayev with 10 per cent.
Official exchange rate on March 29 is 0.7862 AZN/USD