Azerbaijani Pasha Bank enters microfinance market
Azerbaijan, Baku, 7 May / Trend A.Akhundov /
The Azerbaijani Pasha Bank intends to actively work in the microfinance sector and will start sending proposals to the non-bank credit organisations (NBCO) in May, the bank's chairman Farid Akhundov told Trend.
According to him, NBCOs will mediate in the bank's participation in the microfinance sector.
"We have the prescribed conditions under which any NBCO classified according to these principles, will be able to receive a loan. The amount of a loan will range from 100,000-150,000 to one million manat and will be given for a period of up to three years. The programme's general fund amounts to 10 million manat," Akhundov said.
"The bank remains a corporate investment bank, but at the same time we understand there is an increase in the development in the regions and accordingly, in the area of microfinance. We have a desire to actively participate in such programmes in order to better understand and be more widely present in the sector," Akhundov said.
PashaBank JSC was established in June 2007 and operates under licence number 250 of the Central Bank of Azerbaijan dated 28 November 2007. The bank's primary objectives are to strengthen leadership in the segment of corporate clients, high-quality business growth in the priority areas identified by the strategy and the creation and continuous development of a long term and trusting relationship.
PashaBank JSC, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is part of Pasha Holding which is actually an investment company and not a classic holding company. The structure of the Pasha Group also includes Kapital Bank, where the holding owns 99.75 per cent of the shares.
The shareholding structure of the bank is as follows: PASHA Holding owns 60 per cent of the shares, ADOR ltd - 30 per cent and Arif Pashayev - 10 per cent.
The official exchange rate on May 7 is 0.7845 AZN / USD.