Azerbaijani PASHA Bank completes preparation to receive international rating

Business Materials 25 August 2011 17:44 (UTC +04:00)

Azerbaijan, Baku, Aug.25 / Trend, N. Ismayilova /

Azerbaijan PASHA Bank plans to get an international credit rating as part of a three-year strategy for 2012-2015, board member and chief financial administrator of PASHA Bank Shahin Mammadov said at a press conference.

"The bank has already attracted foreign experts and plans to complete all preparatory work by late 2011. Under the new strategy, we plan to start directly the negotiations with rating agencies," Mammadov said.

He said the bank already has all the necessary financial reports, however, the leadership believes that it should be fully institutionally prepared to this process.

PASHA Bank was established in June 2007 and operates under 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 actually an investment company, but not a classic holding company. Kapital Bank is also included in the structure of the Pasha Group. The Holding owns 99.75 percent of shares in the bank.

Pasha Bank shareholders are: PASA Holding with 60 percent of the shares, the company ADOR Ltd with 30 percent and Arif Pashayev with 10 percent.