Georgian National Bank issues license to Azerbaijani Pasha Bank
Azerbaijan, Baku, Jan. 21 / Trend N. Kirtzkhalia /
The Georgian National Bank has issued a license to Azerbaijani Pasha Bank to operate in the country, the Georgian National Bank told Trend on Monday.
"Pasha Bank is one of the largest private banks in Azerbaijan and is mainly focused on corporate customers," the national bank said. "As of the third quarter of 2012, its assets totaled $ 810 million and paid-in capital - $200 million. It is the second largest bank in the Azerbaijani banking sector."
At present, the Georgian banking sector has been represented by 20 commercial banks, six of them are foreign.
Three Azerbaijani banks - "International Bank of Azerbaijan - Georgia", Tbilisi branch of the "Caucasian Development Bank" and "Pasha Bank" operate in the Georgian banking sector.
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.