Azerbaijan, Baku, Sept. 11 / Trend A. Akhundov /
PASHA Bank has agreed to obtain the first global ratings, PASHA Bank Board Chairman Farid Akhundov told Trend today.
"We came to an agreement with international rating agencies Standard & Poor's and Fitch Ratings," Akhundov said.
He said that the bank expects to get the ratings from these two international organizations by the end of the year.
"It will happen in the next couple of months," Akhundov said.
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.