Azerbaijan, Baku, Nov. 13 / Trend A. Akhundov /
Azerbaijani PASHA Bank plans to bring the total amount of assets of the subsidiary bank in Georgia to $600 million in the short term prospect. The process of its establishment is under completion, PASHA Bank board chairman Farid Akhundov told Trend today.
"According to our plan on Georgia, we intend to bring the total amount of assets to about $600 million as of the first year, or the first 18 months," he said. "We will work closely with the corporate sector, as well as small and medium enterprises. Supporting business development in Georgia will be one of our main areas."
He said that a subsidiary in Georgia (PASHA Bank Georgia) will be established with a registered capital of $20 million, equivalent to 35 million lari.
"This is a little above the existing capital requirements for banks in Georgia," he said. "PASHA Bank will be the whole founder of the bank."
PASHA Bank plans to complete working over the creation of the subsidiary bank until the end of 2012.
PASHA Bank's representative office has been in the Georgian banking market since summer 2011, which will now be transformed into a subsidiary bank.
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, rather than 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 Holding holds 60 per cent of the bank's shares, ADOR ltd- 30 per cent and Arif Pashayev- 10 per cent.