Azerbaijan's Pasha Bank to get international ratings in 2012
Azerbaijan, Baku, March 29 / Trend A.Akhundov /
Azerbaijan's Pasha Bank intends to get the international ratings before the end of 2012, chairman of the Bank's board Farid Akhundov said on Thursday at a press conference on the results of the Bank in 2011.
"We're going to get rankings of influential international rating agencies before the end of the year," said Akhundov.
He said that in 2011 the bank stepped up its activities in the international arena and opened its first representative office in Georgia, which will be converted into a branch.
"Branch of Pasha Bank Georgia will start to work before the end of the year," Akhundov said.
He noted access to international markets is required in terms of expanding and strengthening ties with foreign partners and learning experience.
PASHA Bank was established in June, 2007 and operates under licence of the Central Bank of Azerbaijan dated Jan.28, 2007.
The Bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company 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 per cent of the shares in Kapital bank.
Pasha Bank shareholders are: PASHA Holding with 60 per cent, ADOR Ltd with 30 per cent and Arif Pashayev with 10 per cent.