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Azerbaijani PASHA Bank completes work on establishing subsidiary in Georgia

Business Materials 11 September 2012 17:46 (UTC +04:00)

Azerbaijan, Baku, Sept 11 /Trend A.Akhundov/

PASHA Bank is planning to open a subsidiary in Georgia (PASHA Bank Georgia) by the end of 2012, Board Chairman Farid Akhundov told Trend.

"We are currently working on infrastructure, recruitment and training of the staff, we plan to open a subsidiary bank by the end of the year " Akhundov said.

A representation of PASHA Bank, which will be transformed into a subsidiary, has been operating in the Georgian banking market since the summer of last year.

The chairman noted that bank also continues to work to open representation offices in Switzerland.

"We are studying the market and this process has been going on for a long period of time," Akhundov said.

PASHA Bank was established in June, 2007 and operates under licence of the Central Bank of Azerbaijan dated Jan.28, 2007.

Kapital Bank is also included in the structure of the Pasha Group.

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