PASHA Bank has been named “The Best Investment Bank of Azerbaijan” of 2012

A respected international financial journal, EMEA Finance, announced the winners of Europe Banking Awards 2012. After the votes were cast, PASHA Bank was named the winner of "The Best Investment Bank of Azerbaijan" award for the second time.

According to Mr. Taleh Kazimov, Member of the Board, Chief Investment Officer (CIO), PASHA Bank's investment activities were again highly assessed, which is why the Bank has received this award for the second time. "Over a two-year period, PASHA Bank has issued 9 corporate bonds for 6 issuers (from various sectors, including banking, leasing and telecommunication) for a total amount of AZN 97.8 million. PASHA Bank provides market-maker services in the secondary market for all major issues, where it was an underwriter. In 2012, PASHA Bank began providing market-maker services on mortgage bonds of the Azerbaijan Hypothecation Fund. Considering high liquidity in the market, profitability of the 7-year mortgage bonds in the secondary market decreased from 3% to 2.962% (emission volume - AZN 55 million). As of the end of 2012, the Bank's local securities portfolio amounted to approximately AZN 300 million (over $ 382 million), which constitutes more than 50% of the securities on the local market. Overall, the end of year results show that the Bank's securities portfolio exceeded AZN 335 million (over $427 million), compared to 23.7% growth in the previous year,said T. Kyazymov.

PASHA Bank has also begun providing services for selling put options to its customers under corporate bonds (2 options for a total amount of AZN 3.0 million were sold in 2012).

During the year, PASHA Bank successfully implemented multiple projects. In particular, PASHA Bank became the first private bank in Azerbaijan to act as co-manager of a major issue of Eurobonds (Baghlan Group, $150 million).

In the second half of the year, the Bank received 2 international ratings from leading world rating agencies. Fitch Ratings has assigned PASHA Bank a Long-term Issuer Default Rating (IDR) of 'B+' with a Stable Outlook, Standard & Poor's - a Long-term 'BB-' and Short-term 'B', with a Stable Rating Change Outlook. The rating assigned by S&P is the highest rating among all private banks of the country with 100% local capital, and the second best rating among all private banks of Azerbaijan.

It should be noted that the winners of the Europe Banking Awards are chosen by leading world experts, financial analysts and bank consultants. When analyzing the banking sectors of developing countries, a number of criteria are considered including the growth of assets, profitability, competitiveness, development of strategic relations, the level of customer service and its range of innovative products.

Europe Banking Awards 2012 ceremony will take place on 5 June in Austria.