30/09/2010
PASHA Bank in cooperation with German Commerzbank have conducted a seminar "New world of opportunities" on trade financing for small and medium enterprises (SME).

Representatives of SMEs in Azerbaijan have gathered in Hyatt Regency to meet with the trade financing experts from PASHA Bank and its partner Commerzbank.

Opening the seminar, Farid Akhundov, the Chairman of Board of PASHA Bank has underlined the contribution of the SMEs in the development of private sector and economy in general.
As a result of reforms undertaken in Azerbaijan, the enterprises registered as SME has tripled in the recent years. This reflects the importance of SMEs for the economy of the country. One of the main challenges the SMEs face is the limited access to financing, especially in trade operations. As PASHA Bank we believe that an improved communication with clients as well as innovative financing schemes that the banks can offer to SMEs could increase demand for financing".

During his presentation Axel Bommersheim, Managing Director of the Financial Institutions Department of Commerzbank AG has informed the audience about the risk guarantees and import/export financing instruments. He has also noted the support of Commerzbank to German SMEs.

Vugar Sadig, the Director of Foreign Relations Department of PASHA Bank has spoken about the experience of PASHA Bank in trade financing and documentary operations.

Alexander Zajarnyi, Senior manager of the Structured Trade Financing Department of Commerzbank AG spoke on export and trade financing, highlighting its advantages over short-term documentary operations.

Dr, Marko Graff, the Head of Baku Representative Office of Commerzbank in Baku has said in his speech, that trade financing instruments protect the rights of both the seller and the buyer. Dr. Graff noted that while negotiating a deal it is important to take into consideration not only the technical aspects of the deal, but its future financing as well. He has encouraged the businessmen to involve the banks in their deals with German and international partners at the early stages of negotiations.

Touching upon the subject of partnership between Commerzbank AG and PASHA Bank, Dr. Marko Graff has informed the audience that Commerzbank, which has its representative office in Baku since 2007, cooperates with 22 Azerbaijani banks including PASHA Bank. "As you know the European banks only cooperate with financial institutions that comply with the international standards of transparency. PASHA Bank is one of such institutions with highly qualified professionals working both in the local and international markets" said Mr. Graff.