INTERNATIONAL Business forum
An international business forum “Financial market of Azerbaijan: forecast for 2015” ended in London on January 27. The event was organized by one of the largest banks of Azerbaijan – PASHA Bank.
Speaking at the international business-forum were a trade representative of the British Prime Minister to Azerbaijan, representatives of the State Securities Committee of Azerbaijan, PASHA Bank, SWIFT and other companies. Speakers and experts invited to the event discussed such issues as the growth and prospects of the international development of the Azerbaijani banking sector and local capital market; further strengthening of trade relations with the countries of the Old World; promising directions for investing into Azerbaijan as one of the most economically attractive countries of the Eurasian continent and other important topics.
According to the Member of the Board, Chief Investment Officer of PASHA Bank Taleh Kazimov, discussions held within the framework of thematic panels of the business forum, let participants exchange opinions about present condition of the financial-banking system of Azerbaijan, get to know about vectors of its further development in 2015 as well as make corresponding conclusions and forecasts.
“Speeches delivered by high-ranking speakers of the forum as well as a constructive dialogue with invited experts during the event let business-forum participants to obtain all necessary answers for urgent questions, which, I have no doubts, will positively impact the mood of foreign investors and development of the Azerbaijani capital market”, Taleh Kazimov summed up.
International awards
PASHA Bank was named ‘Best Investment Bank’ and ‘Best SME Bank’ at the International Finance Magazine (IFM) Financial Awards 2014. The awards ceremony took place on 5 December 2014 in London.
Taleh Kazimov said: “We are delighted that our work in the field of investment banking and innovations in the capital markets have once again been recognised internationally. Through our committed work, we enabled our customers to enjoy all benefits of the capital market and contributed notably to the development of the market itself. Throughout 2014, PASHA Bank placed great emphasis on supporting SMEs and was the first bank in Azerbaijan to open departments specialising in providing tailored services to SMEs. Staying strongly committed to becoming even closer to the SMEs sector, the Bank offers products and services according to their needs and demands. I would like to thank all of our customers, partners and shareholders who continue to support us”, Taleh Kazimov said.
The award founder, International Finance Magazine, is read in more than 150 countries globally and enlightens major developments of the global financial market. Annually IFM, headquartered in London, recognises financial organisations from around the world, which are making a major contribution to the development of the sector they represent.
Rating
The world’s leading rating agencies Fitch Ratings and Standard & Poor’s have affirmed the rating for PASHA Bank, one of Azerbaijan’s leading banks. In particular, International Ratings Agency Fitch Ratings affirmed PASHA Bank’s long-term rating at ‘B+’ and short-term rating at ‘B’, Outlook Stable.
Ratings Agency affirmed PASHA Bank’s ratings in September 2012 and December 2013.
The other International Ratings Agency Standard & Poor’s assigned to the Bank the long-term rating at ‘BB-’ and short-term rating at ‘B’ with the rating outlook as “stable”.
It is the highest rating among all domestic private banks with 100% local capital.
Bonds
At the end of the last year PASHA Bank issued bonds for three leading Azerbaijani companies through PASHA Capital.
The Bank acted as underwriter and market maker in the placement of the AZN 40 million Bakcell and the AZN 12 million AccessBank bond issues. PASHA Bank also acted as market maker for UniBank’s AZN 20 million placement. PASHA Bank is also providing daily liquidity and quotations for each of these three bonds.
Bakcell, AccessBank and UniBank have issued new bonds after their previous bonds matured in December 2014. All three companies met their obligations to investors before the maturity date, which has bolstered investor confidence once again.
As a result, Bakcell and UniBank were able to obtain better terms for their latest bond issues. Bakcell paid a coupon rate of 9% for its new bond issue, compared to the 9.5% coupon rate it paid in 2011, and UniBank was able to secure a two-year bond with a 9.75% coupon rate, in contrast to the 11% it previously paid for a three-year bond. AccessBank also increased the amount it raised in its latest bond issue to AZN 12 million from AZN 10 million, both at a coupon rate of 9%.
Taleh Kazimov commented: “PASHA Bank has helped to place a total of 16 corporate bonds on behalf of Bakcell, UniBank and AccessBank over the years and we are pleased to be continuing our relationship with these companies. The issued bonds with a total value of AZN 72 million is a rather large amount for Azerbaijan’s capital markets, and the success of these placements is evidence of how well the domestic capital markets are developing. Bakcell and UniBank are both enjoying lower coupon rates for their latest bond issues, as investors have become more familiar with their investment cases and confidence has grown. PASHA Bank always strives to protect the interests of both investors and its corporate clients when working on new bond issues. Successful placements are important for building confidence in the domestic capital markets. Helping to develop Azerbaijan’s capital markets is one of PASHA Bank’s key aims, since this will not only help to bolster investment banking activities in the country, but it will also support Azerbaijan’s economy as a whole.”
LOCAL Business EVENT
On the 18th of December 2014 Baku hosted a business forum entitled ‘Retail trade in Azerbaijan: current status and long-term development perspectives’. The event was organized by PASHA Bank together with the National Confederation of Entrepreneurs (Employers) of the Republic of Azerbaijan.
More than 40 representatives from local businesses attended the forum. Invited specialists and participants at the event discussed a range of issues, including current retail trade trends, how this area is developing in Baku and the regions and the possibilities for improving dialogue between the private and public sectors.
Speakers at the event, representing PASHA Bank and the National Confederation of Entrepreneurs, shared their views on the potential issues and challenges that may be faced by the retail trade over the coming years, and gave their insights on how international experience could help local Azerbaijani companies working in this field.
Supporting media
PASHA Bank, in partnership with The British Council Azerbaijan, has announced a training programme for journalists covering business topics in the media. The ambition is to have a leading group of young journalists setting an example of fair and professional reporting in the country and notably contributing to raising the standards of business reporting in Azerbaijan.
This is a unique project based on the previous successful project for journalists organised in 2011. The project aims at strengthening professional competencies and skills of the national media through a special training programme tailored up to the needs of the selected journalists.
The British Council and PASHA Bank have selected 11 professional business journalists representing the leading news and broadcasting agencies in Azerbaijan, including but not limited to AzerTaj, Trend, Lider TV, Regional TV, Banco.az, Fins.az, Gun.az, ANS TV, Regional TV and E-Government news portal. These journalists will undertake customised business reporting course and selected participants will visit some of the leading media establishments in the United Kingdom, and meet with prominent business journalists.
The programme will be implemented in cooperation with the United Kingdom’s Thomson Foundation which is one of Europe’s biggest media organisations empowering thousands of journalists worldwide to generate and sustain a diverse media.
