PASHA Bank negotiating with Turkish Banking Regulation Agency about local bank purchase
Baku, Azerbaijan, May 8
By Emin Aliyev - Trend:
Azerbaijani PASHA Bank has completed the first stage of the negotiations with the Turkish Banking Regulation and Supervision Agency about buying local TAIB Bank, chairman of board Farid Akhundov told Trend on May 7.
The bank appealed to the Turkish Banking Regulation and Supervision Agency for permission to acquire a share in the Turkish TAIB Bank in March 2014. TAIB Bank will become a subsidiary of PASHA Bank and will be renamed.
"Our plans on the Turkish market remain in force," he said. "This is a very promising market. We have been examining it for two years. I hope that our appeal for a license will be granted by late 2014."
"PASHA Bank does not intend to actively work in retail sphere on the Turkish market," he said.
"Our strategic goal is to become a bank in the region," he said. Therefore, the activity of PASHA Bank's subsidiary in Turkey will focus on the securities market, trade finance, corporate sector, small and medium business."
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