Azerbaijani bank to increase market maker and underwriting services

Business Materials 29 March 2012 16:36 (UTC +04:00)

Azerbaijan, Baku, March 29 / Trend A.Akhundov/

The Azerbaijani Pasha Bank intends to expand the volume of market maker and underwriting services in the future, Main Treasury and Corporate Banking and Member of the Board Taleh Kazimov said on Thursday.

Kazimov noted that the Treasury Department has earned about 3.1 million manat in the result of dealing operations in 2011, which provided 59 percent of all non-interest income of the bank.

"Since the beginning of 2011 the department began to offer underwriting services to legal entities through the professional participants of security market. In 2011, Pasha Bank issued bonds of four issuers totaling $ 70.4 million manat and successfully placed them among the participants in the securities market. These issuers are Finans Lizinq (0,4 million manats), UniLizinq (10 million manat), UniBank (20 million manat) and Bakcell (40 million manat)," 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 Pasha Holding Company. Kapital Bank
is also included in the structure of the Pasha Group. The holding owns 99.75 percent of the shares in the bank.

Pasha Bank's shareholders are PASA Holding with 60 percent, ADOR Ltd with 30 percent and Arif Pashayev with 10 percent.