Azerbaijani PASHA Bank to continue its expansion in regional countries
Baku, Azerbaijan, May 8
By Emin Aliyev - Trend:
Azerbaijani PASHA Bank intends to continue expansion in regional countries, chairman of board Farid Akhundov told Trend on May 7.
"As for a subsidiary in Georgia, it has been operating more than a year," he said. "Despite the first year of PASHA Bank Georgia's activity was unprofitable, the volume of loss was twofold less than expected. So, the dynamics can be considered positive. We intend to continue working on the development of business in Georgia."
"A subsidiary of the bank in Georgia continues developing," PASHA Bank chief financial administrator Shahin Mammadov said.
"The bank's capital was brought to 103 million lari (over $58.2 million) to accelerate the development," he said. "As a result, PASHA Bank Georgia is among the ten largest banks in Georgia. Their total number is 21."
Pasha Bank is a leading corporate bank in Azerbaijan. Founded in 2007, the bank provides a wide range of corporate banking services including lending, operations in the securities market and asset management and treasury services.
Some 268 people are working at the Pasha Bank represented by the head office and four branch offices. The bank was declared the Best Investment Bank in Azerbaijan by the Europe Banking Awards 2011 and Europe Banking Awards-2012, as well as Best Private Bank in Azerbaijan through World Finance in 2013.
Pasha Bank with authorized capital of 333 million manats remains the most capitalized private bank in Azerbaijan.
Pasha Bank is part of the PASHA group of companies, a major investment holding company in Azerbaijan, which is well represented in sectors such as insurance, construction, building materials production, tourism and other business areas. Kapital Bank, one of the largest banks in Azerbaijani retail market also belongs to the PASHA group of companies.
Translated by NH
Edited by CN