Baku, Azerbaijan, March 13
By Abbas Akhundov - Trend:
Azerbaijani Pasha Bank appealed to the Turkish Banking Regulation and Supervision Agency BRSA for permission to purchase shares in Turkish TAIB Bank, the member of the bank`s board of directors, Taleh Kazimov told journalists on March 13.
TAIB Bank will become a subsidiary bank of Pasha Bank and be renamed, he said. Pasha Bank hopes to get a response from the Turkish banking regulator this year.
"Azerbaijan's economy is growing and business developing. About 5000 Azerbaijani companies operate in Turkey. We go for our business," Kazimov said.
TAIB Bank was purchased from Dubai sheik (UAE) by the Turkish Aksoy Holding, its share is 99.74 percent, in September 2012. Then, the holding increased the bank's capital to 80 million lira and decided to sell the majority of bank shares.
TAIB Bank was established in Bahrain in 1979. Since 1987, the bank has carried out its activities in Turkey. Along with Turkey, the bank`s branches operate in Kazakhstan, UAE and USA.
Pasha Bank is a leading corporate bank in Azerbaijan. The bank, founded in 2007, renders a wide range of corporate banking services including the issue of loans, transactions on the securities market, asset management and treasury services.
Pasha Bank has a head office and four branches with a staff of 221in Azerbaijan. The bank was declared Best Investment Bank of Azerbaijan as part of the Europe Banking Awards 2011 and Europe Banking Awards 2012. It was provided with the Best Private Bank in Azerbaijan premium upon World Finance in 2013.
Pasha Bank is part of the Pasha group of companies which is a large investment holding in Azerbaijan. It is widely represented in such sectors as insurance, construction, construction materials, tourism and other business areas.
Kapital Bank is one of the largest banks in the Azerbaijani retail market. It also belongs to the Pasha group of companies. Today Pasha Bank has a subsidiary in Georgia.
The official exchange rate on March 13 is 2, 2459 TRY / USD.
Translated by S.I.
Edited by S.M.