Azerbaijan, Baku, Dec.19 /Trend A.Akhundov/
Azerbaijani Pasha Bank has completed registering a subsidiary in Georgia as a legal entity, Chairman of Pasha Bank Board Farid Akhundov told reporters on Wednesday.
He said that the bank plans to formally apply to the Georgian National Bank and obtain a license for its subsidiary bank's activity in the Georgian banking market by late 2012.
Pasha Bank head hopes that subsidiary will begin working by late 2012.
He said that a subsidiary in Georgia (PASHA Bank Georgia) will be established with registered capital of $20 million or 35 million lari.
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.