Azerbaijan, Baku, Feb.24 / Trend, I. Khalilova /
The Azerbaijani Pasha Bank is preparing to open its first representative office in Switzerland, Chairman of the Board Farid Akhundov said.
"We are interested in opening a representative office in Switzerland, and, in this regard, discussions are underway with the bank's Supervisory Board," Akhundov said. "At present, information is being collected from a legal point of view on the banking market in Switzerland, and discussions are being held with their banks."
The bank has been cooperating with a foreign consultant to establish the work in this direction for two years.
"The main purpose of the bank joining the Swiss banking market is to provide a local office for our corporate customers," Akhundov said.
This will be the first subsidiary of an Azerbaijani bank in Switzerland. The number of structures of Azerbaijani banks operating abroad is eight, including five representative offices, two subsidiaries and one branch. There are 45 banks in Azerbaijan. The International Bank of Azerbaijan has a more developed international network.
Pasha Bank was established in June 2007 and operates under a license of the Central Bank of Azerbaijan dated January 28, 2007.
Pasha Bank, along with Pasha Insurance, Pasha Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding, which is an investment company, and not a classic holding company. Kapital Bank is also included in the structure of the Pasha Group. The holding owns 99.75 percent of the shares in the bank.
Pasha Bank shareholders are Pasha Holding with 60 percent of the shares, ADOR with 30 percent and Arif Pashayev with 10 percent.