Azerbaijani PASHA Bank begins preparing for initial placement of companies' shares
Azerbaijan, Baku, Dec. 20th / Trend, I. Khalilova /
Azerbaijani "PASHA Bank" is preparing its IPO for 2013, PASHA Bank Chairman of the Board Farid Akhundov told media on Wednesday.
"We intend to take an active part in the IPO," he said. "At present, negotiations are underway. Our clients are being prepared for this process [open sale of shares]. They will be placed on the Baku Stock Exchange."
At present, market maker services are an important part of the bank's budget. PASHA Bank transfers more than 40 percent of its assets for transactions with corporate bonds, as well as with state securities.
"This is very important to us," the head of the bank said.
The bank is also interested, along with other banks, in participating in the placement of SOCAR's corporate bonds.
"The matter rests in a big 500 million Manat issue," he said. "One bank will fail to do this, but we are interested in doing this together with other banks with which we have already cooperated."
Pasha Bank has already rendered market maker services in the placement of corporate bonds for UniBank and the Bank of Baku. Negotiations are underway with other companies and financial institutions.
"I think that together and with other banks in Azerbaijan and abroad, we can act as an underwriter for a large issuance of SOCAR bonds", Akhundov said.
PASHA Bank was established in June of 2007 and operates under a license from the Central Bank of Azerbaijan dated Jan.28, 2007.
The bank, along with Pasha Insurance, PASHA Life, PASHA Travel and PASHA Construction, is a subsidiary of the PASHA Holding Company which is actually an investment company, rather than a classic holding company.
Kapital Bank is also included in the structure of the Pasha Group. The Holding owns 99.75 per cent of Kapital bank's shares.
The official exchange rate is 0,7849 AZN/USD on Dec. 20th.