Azerbaijan, Baku, Jan. 22 / Trend /
The National Bank of Georgia has issued a license for PASHA Bank Georgia - the first subsidiary in the country of one of Azerbaijan's leading banks - PASHA Bank.
"PASHA Bank Georgia will initially be focused on servicing the corporate sector, but in the future, its operations will also cover small and medium enterprises (SME) in the country," the bank's report quoted the head of PASHA Bank's previously acting representative office in Georgia Anar Ismailov as saying on Tuesday.
In addition, there presently are a large number of Azerbaijani companies, including those from the bank's client base, operating in Georgia. Thus, these subsidiary bank's tasks include supporting and meeting their financial interests and needs.
"Fairly tough competition is observed between banks in Georgia, and this experience will be useful for us," Ismailov said.
PASHA Bank Georgia's authorized capital stands at 35 million Lari (about $ 21 million). According to the strategic plan, the bank aims to generate assets to an amount no lower than $60 million during the next one to two years. PASHA Bank Georgia will be represented by one branch in Tbilisi at 15 Rustaveli Avenue. However, for the foreseeable future, there are plans to expand the banks network to Western Georgia to the cities of Batumi and Poti.
PASHA Bank was established in June, 2007 and operates under a license of the Central Bank of Azerbaijan dated Jan.28, 2007.
The bank's primary goal is to strengthen leadership in the corporate customer service, the improvement of business in priority areas determined by existing strategy, and the creation and continued development of long-term confidential relations.
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