Azerbaijani bank intends to draw big syndicated loan by late 2014
Baku, Azerbaijan, May 27
By Emin Aliyev - Trend:
Azerbaijani Pasha Bank intends to draw a big syndicated loan from abroad, Pasha Bank Chief Investment Officer Taleh Kazimov told Trend on May 26.
"Today, we are waiting for proposals on a syndicate from some foreign banks," he said. "These proposals will be considered by late May."
"If the negotiations complete successfully, the bank expects to conclude an agreement in September this year," he said.
"The matter rests in an amount of more than $ 50 million, which we expect to receive in the form of a loan for a period of one year," he added. "The allocated funds will be used to finance the small and medium enterprises and the bank's activity."
Last year, Pasha Bank was able to raise funds from abroad at the most profitable rate compared to other commercial banks of Azerbaijan, he said.
"Since then, the bank has strengthened," he said. "So, we expect that the September loan can be obtained at a rate of no more than libor plus 3.5 percent."
"At present, the total volume of Pasha Bank's external borrowing is less than $ 50 million," he said.
Pasha Bank is a leading corporate bank in Azerbaijan. Founded in 2007, the bank provides a wide range of corporate banking services including lending, operations in the securities market and asset management and treasury services. Some 268 people work at the Pasha Bank, represented by the head office and four branch offices.
Pasha Bank was declared Best Investment Bank of Azerbaijan and awarded Best Private Bank in Azerbaijan by World Finance in 2013 as part of Europe Banking Awards-2011 and Europe Banking Awards-2012.
"Pasha Bank" with authorized capital of 333 million manat remains the most capitalized private bank in Azerbaijan.
"Pasha Bank" is part of the PASHA group of companies, a major investment holding company in Azerbaijan, which is well represented in sectors such as insurance, construction, building materials production, tourism and other business areas. Kapital Bank, one of the largest banks in Azerbaijani retail market also belongs to the PASHA group of companies.
Edited by CN