Azerbaijan's Pasha Bank makes Sibos debut
25 October 2010 | 2070 views | 0
Source: Pasha Bank
PASHA Bank OJSC, one of the leading commercial banks in Azerbaijan, is appearing for the first time at SIBOS, the world's leading financial services conference. Its attendance will broaden the Bank's opportunities to extend into the rest of Europe and to expand its international presence.
Since its founding in 2007, PASHA Bank has developed a modern banking model that offers high-quality banking services to largely corporate customers in Azerbaijan and to international companies looking to do business in the country. With a dedicated focus on trade and corporate finance, the Bank offers a range of products and services, including project and trade finance-related partnerships with international financial institutions and foreign banks. Its business operations focus mainly on IT and telecoms, chemical and petrochemical industries, and agriculture.
Whilst already boasting an impressive network of international correspondent banks, including established names within USA and Europe, PASHA Bank is at SIBOS to expand its international network and position itself as a strong financial partner, in a dynamic economy, for export focused European companies.
PASHA Bank has defined four steps to further its future business development.
It will continue the expansion of a financially strong, client-driven group, providing international levels of service and focused on servicing companies of all sizes in Azerbaijan. Second, it will expand its business activities in the rest of Europe. Domestically it will develop a fully-fledged Private Banking division. Lastly, the Bank will support the development of Azerbaijan's banking sector through the provision of financial and institutional capabilities to other banks in the country.
Meeting journalists in Amsterdam Farid Akhundov, Chairman of the Board of PASHA Bank, stated: "We want to set an example for other banks in Azerbaijan. By offering them institutional and financial support, we want to introduce the highest levels of transparency in the country, meeting global banking standards. We want to contribute to the expansion of our country's banking sector. Our growth figures demonstrate that we are on the right track. In 2009, we increased our credit portfolio by 2.6 times to EUR 111m and increased our tradeade finance volume by 2.3 times to EUR 23m compared to the previous year. Our net profit grew nearly 50% [to EUR 14m], making PASHA Bank one of the five most profitable banks in Azerbaijan."
Vugar Sadig, Director for International Relations, added: "We are not looking so much at the size of our corporate customers as at their potential. We want to support businesses which can become leaders in their industries and which can establish and develop good trading relations with foreign partners. They will need to have well thought-out investment plans which are appropriate for their size. And they need a highly motivated management team. These are PASHA Bank's criteria for successful domestic lending and for the expansion of our business activities to Europe."