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Azerbaijani bank receives preliminary agreement to open subsidiary in Georgia

Business Materials 13 October 2011 22:09
Azerbaijani PASHA Bank plans to appeal to the National Bank of Georgia to obtain a license for full banking activities by the end of 2011, PASHA Bank Chairman Farid Akhundov told Trend.

Azerbaijan, Baku, Oct. 13 /Trend, I.Khalilova/

Azerbaijani PASHA Bank plans to appeal to the National Bank of Georgia to obtain a license for full banking activities by the end of 2011, PASHA Bank Chairman Farid Akhundov told Trend.

"We have received preliminary [oral] agreement from National Bank of Georgia to open a subsidiary bank, but have not yet appealed officially as we expect the completion of preparatory work, said Akhundov. - Now physical construction of the bank is continuing, it is prepared to hire staff in Georgia".

A representative office of PASHA Bank, which is likely to be transformed into a subsidiary bank, has been operating on the Georgian banking market since the summer, said Akhundov.
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.

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