Azerbaijan, Baku, Nov 10 /Trend/
PASHA Bank, one of a leading corporate banks in Azerbaijan, has successfully concluded talks with Banque Cantonale de Genève ("BCGE"), a leading publicly traded Swiss bank, about cooperation in private banking. Following the talks, corporate and private clients of PASHA Bank in Azerbaijan may now be introduced by the Bank to BCGE to benefit from its expertise in financial solutions.
"We are very pleased with the beginning of this cooperation with one of the leading Swiss financial institutions. As a part of our international development strategy, we are considering setting up our own presence in Geneva in the future, and our cooperation with a reputable bank such as BCGE is very important to us," Chairman of Executive Board of PASHA Bank said.
"Given the increasing number of business exchanges between Switzerland and Azerbaijan, we are very interested in the development of the Azeri economy. Our collaboration with PASHA Bank allows us to keep our finger on the pulse of the Caucasus and to establish a win-win relationship," CEO of the Banque Cantonale de Genève Blaise Goetschin said.
The opportunity for private clients of PASHA Bank to apply for investment and fiduciary deposit accounts and for the use of other private banking services of the Swiss banks is in full compliance with the legislation of the Republic of Azerbaijan, including the Law on Exchange Control and the Rules on Regime of the Currency Transaction of the Residents and Non-residents in the Republic of Azerbaijan adopted by the Central Bank of the Republic of Azerbaijan.
PASHA Bank is one of a leading corporate banks in Azerbaijan. Established in 2007, it provides a range of corporate banking services including: loans, securities, private banking, current account, cash management and treasury services.
PASHA Bank employs circa 170 people across its head office and four branches and was declared "Azerbaijan's Best Investment Bank" in 2012 by the international financial journal, EMEA Finance. In September PASHA Bank was assigned "BB-" long-term and "B" short-term counterparty credit ratings with stable outlook by Standard & Poor's, an international credit rating agency. This is the highest rating assigned to an Azerbaijani commercial bank with 100% local capital and second highest for a private bank in Azerbaijan.
PASHA Bank is part of PASHA Group, a major investment holding group in Azerbaijan, which also includes significant assets in insurance, property development, production of construction materials, tourism and other businesses. Kapital Bank, one of the largest retail banks in Azerbaijan, is also owned by PASHA Group.
Based in the French-speaking canton of Geneva - the birthplace of private banking -, Banque Cantonale de Genève has been a universal bank since 1816. It provides high-quality services for private, business and institutional customers, offering general banking facilities, private banking, asset management, pension planning, mortgages and lending to the private and public sectors. It also runs a trading room and offers financial engineering, corporate finance and global commodity finance services.
Outside of Switzerland, the Bank operates in France, Dubai and Hong Kong. It employs over 700 people and is quoted on the SIX Swiss Exchange.