Azerbaijani bank to significantly expand its branch network in regions

Business Materials 8 May 2014 16:40 (UTC +04:00)

Baku, Azerbaijan, May 8

By Emin Aliyev - Trend:

Azerbaijani PASHA Bank intends to expand its branch network in the country, chairman of board Farid Akhundov told Trend on May 7.

"The bank's business center will open in Ganja region on May 15," he said. "A similar center will be commissioned in the Zagatala region by the end of the month."

The bank's business centers are referred to this way because PASHA Bank serves mainly corporate clients. Azerbaijan Central Bank classifies them as the branches of the bank.

"The bank will also open a branch in the Quba region by late 2014," he said.

"This branch will begin actively operating next year," he added. "Moreover, we also plan to open a business center bank in the Lankaran region in 2015."

Currently, PASHA Bank's branch network is represented by four business centers in Baku.

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