Azerbaijani Pasha Bank may enter Russian market

Business Materials 26 June 2014 14:27 (UTC +04:00)

Baku, Azerbaijan, June 25
By Zulfiyya Gurbanova - Trend:

"Pasha Bank" JSC does not preclude the opening of a subsidiary in Russia, according to the bank's chairman of board Farid Akhundov.

"As for entering theRussian market - we think about it," he said at a round table within the frame of the Azerbaijani-Russian interregional forum in Gabala on June 24.

"Pasha Bank" already has a subsidiary in Georgia ("PASHA Bank Georgia"), and is currently negotiating with the Turkish Banking Regulation and Supervision Agency on the purchase of local TAIB Bank.

"In the cases of Georgia and Turkey, we first established the contacts, travel, and then we hired experts and consultants in order to explore the markets. It took more than two years, until we came to a conclusion about how and in what form we should act," Akhundov said.

"Pasha Bank" has not yet come to the stage of studying the market in regards to Russia, he said.
"But we see the potential and we intend to consult with the International Bank of Azerbaijan, which has more than 12 years of experience in Russia," the bank's chairman added.
Today, two Azerbaijani banks - MBA and Muganbank operate in Russia.

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 207 people work 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.

"Pasha Bank" with authorized capital of 333 million AZN 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.

Edited by CN