Azerbaijani Pasha Bank branch to open in Georgia by November
Georgia, Tbilisi, July 20 /Trend N.Kirtzkhalia, A.Akhundov/
Pasha Bank plans to open a branch in Georgia by late October, head of the bank in Georgia Anar Ismailov told Georgian radio station Kommersant on Friday.
A representation of Pasha Bank, which will be converted into a branch presents in the Georgian banking market since last summer.
"Currentlr the Tbilisi branch is being repaired and prepared for opening. The process of staff selection has already been completed. Ten men will work in Tbilisi branch of the Pasha Bank" Ismayilov said.
He noted that the bank will not expand its network in Georgia and will limit by one branch during the first three years.
"There are a lot of companies in Azerbaijan that operates in Georgia, and we will represent their interests. There is a great competition between the banks in Georgia, and this experience will be helpful for us," he said.
Ismayilov said it is the experience of a broad institutional investment, which can be implemented through the Georgian branch in Azerbaijan.
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.