Azerbaijani PASHA Bank’s subsidiary may start working in Georgia by late 2012

Business Materials 11 December 2012 18:31 (UTC +04:00)

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

Azerbaijani Pasha Bank plans to formally apply to the Georgian National Bank next week to get a license for its subsidiary bank's activity in the Georgian banking market, Pasha Bank Chairman of Board Farid Akhundov told Trend today.

"At present, a subsidiary is being registered in Georgia as a legal entity," he said. "Afterwards, we plan to register its capital. Then we will appeal to the National Bank next week."

Pasha Bank head hopes that the subsidiary will begin working by late 2012.

PASHA Bank's representative office has been operating in the Georgian banking market since summer of 2011.

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.