Georgia, Tbilisi, Nov 30 /Trend N.Kirtzkhalia/
Azerbaijani Pasha Bank will solve all technical problems on entering the Georgian market by the end of the first quarter of 2012, the head of the bank in Georgia Anar Ismayilov said on Wednesday to the Georgian radio Kommersant.
A representation of Pasha Bank is in the Georgian banking market since summer, which will be transformed into a subsidiary bank.
"We have not appealed to the National Bank of Georgia for licensing the banking activity, because we are solving organizational problems. We will open a subsidiary of Pasha Bank - Pasha Bank Georgia in Georgia after a month, and then will be engaged in operating activities," Ismayilov said.
Ismayilov explained the bank's branching out in Georgia by their clients' interests. "Usually banks reach for its customers. A lot of Azerbaijani companies operate in Georgia and we represent their financial interests. There is high rivalry among banks in Georgia, and this experience will be helpful for us," Ismayilov said.
According to Ismailov, it is an experience of a broad institutional investment, which can be implemented via the Georgian branch in Azerbaijan.
Ismayilov said that in parallel with the opening of a subsidiary bank in Georgia Pasha Bank opens its branch in Switzerland.
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.