Azerbaijan, Baku, Feb.25 / Trend N. Ismayilova /
Azerbaijan's Pasha Bank plans to obtain an international credit rating after the implementation of its three-year strategy, Chairman of the Board Farid Akhundov said on Thursday at a press conference on the bank's results in 2010.
"We will carry out this work in 2012 as a result of the implementation of our existing strategy, which covers 2009-2011. Now we are negotiating with four agencies - Thompson Reuters, Fitch, S & P and Moody's," Akhundov said.
He added that during the negotiation process the bank will determine whether it makes sense to obtain two or even three ratings simultaneously.
Pasha Bank was established in June 2007 and operates under a license of the Central Bank of Azerbaijan, dated Jan. 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. Kapital Bank is also included in the structure of the Pasha Group. The holding owns 99.75 percent of shares in the bank.
The Pasha Bank shareholders are: PASA Holding with 60 percent of the shares, the company Ador with 30 percent and Arif Pashayev with 10 percent.