Azerbaijani bank to start asset management in 2014

Business Materials 19 December 2012 20:26 (UTC +04:00)

Azerbaijan, Baku, Dec. 19 / Trend A. Akhundov /

Azerbaijani Pasha Bank will start working on asset management in 2014, Chairman of Pasha Bank Board Farid Akhundov told media today.

"We will test this activity in 2013 and the work will be launched in 2014," Akhundov said.

He said that the bank plans to manage the assets of its clients in private banking and corporate clients.

"This activity will be part of our package of proposals to the bank customers," he said. "There is a demand."

The bank focuses on Private Banking (service category of the most wealthy clients).

"Private Banking has begun working since January 2012," he said. "There are a good customer base and infrastructure. The institutional development of this direction is underway."

He added that the work in this direction is conducted within the strategic development plan for on Private Banking by late 2017.

Pasha Bank has successfully completed negotiations on cooperation in rendering private banking services with one of the leading Swiss banks - Banque Cantonale de Genève (BCGE). As a result, Pasha Bank corporate and private clients in Azerbaijan will now be able to use the experience and a wide range of financial products and BCGE services.

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.