Azernews.Az

Azerbaijan's Pasha Bank is interested in participating in state energy firm SOCAR's issuance of securities in the local market, the bank Board Chairman Farid Akhundov told Trend news agency.

"It would be interesting for the bank with its goals for the development of the securities market in Azerbaijan to take part in this matter," he said. "We are ready to offer services aimed at placing SOCAR securities on the local market."

He said that this placement is a significant event for the local securities market.

"Our balance does not allow the rendering market maker services for all of SOCAR's securities, but we could undertake it jointly with other banks," Akhundov said.

SOCAR head Rovnag Abdullayev voiced plans to issue SOCAR corporate bonds worth 500 million manat to be placed on the Azerbaijani securities market next year.

He said that bonds are planned to be issued for five years. The funds from the placement will be used to develop perspective structures and the Umid gas condensate field.

Everybody, including citizens of the country, will be able to buy SOCAR's planned corporate bonds.

"I would like our ordinary citizens to buy these bonds," Abdullayev said.

PASHA Bank was established in June 2007 and renders several banking services, including loans, securities operations, private banking, opening accounts, and cash governance treasury services.

PASHA Bank was first internationally rated on September 12. Standard & Poor's has assigned PASHA Bank long term and short term credit ratings of a "ВВ-/В" contractor with a 'stable' forecast. Fitch Ratings assigned long term ratings with issuer default at the level of B+ with a 'stable' forecast in a week after the first rating.

The bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company which is actually an investment company, but not a classic holding company.

Kapital Bank is also included in the structure of the Pasha Holding. The Holding owns 99.75 per cent of the shares in Kapital Bank.

The official exchange rate is 0,7849 AZN/USD on Dec. 12.