Azerbaijani PASHA Bank chooses name of its subsidiary in Turkey

Baku, Azerbaijan, Feb.5

By Azad Hasanli - Trend:

The Turkish branch of PASHA Bank OJSC can start operating in H1 of 2015, Nariman Sardarli, the director of the Investments and Projects Department, member of PASHA Holding's Supervisory Board told Trend Feb.5.

"Currently, the relevant work is underway," he said. "The bank will start operating within several months, possibly, in H1 of 2015."

Turkey's Banking Regulation and Supervision Agency approved PASHA Bank's purchasing 79.9 percent of TAIB Bank's shares on December 29, 2014 and increasing its share capital from 80 million TRY to 255 million TRY.

The official exchange rate on Feb.5 is 2.4383 TRY/USD.
Aksoy Holding is the owner of the remaining package of shares (20.1 percent) worth 51 million TRY.

Sardarli said the new subsidiary will be named as PASHA Bank Turkey.

He said that after purchasing the controlling block of shares of the Turkish bank, the holding has no plans for new investments beyond Azerbaijan for the present.

Talking about Azerbaijan, the PASHA Holding representative said that the current economic situation in the world, especially, the decrease in oil prices open new opportunities for the country's private sector.

"This can create additional opportunities for the local companies to invest in the country's economy," he said. "That's to say, there is no need to see this negatively."

"The government spending on investment projects will be reduced and the role of banks and the private sector can increase here," Sardarli said, adding that in this regard, the private sector and investors will increase their activity in the market.

PASHA Bank is a leading corporate bank of Azerbaijan. The bank that was founded in 2007, provides a range of corporate banking services including issuing of loans, operations in the securities market, asset management, and treasury services.

PASHA Bank was declared 'The Best Investment Bank of Azerbaijan' by the Europe Banking Awards-2011 and Europe Banking Awards-2012 and 'The Best Private Banking in Azerbaijan' by World Finance in 2013.

PASHA Bank is a part of PASHA Group - a major investment holding group in Azerbaijan, which also includes significant assets in insurance, property development, production of construction materials, tourism and other businesses. Kapital Bank, one of the largest retail banks in Azerbaijan, is also owned by PASHA Group.

Edited by SI

---

Follow the author on Twitter: @AzadHasanli

Several facilities to be launched in Iran’s electricity sector
Several facilities to be launched in Iran’s electricity sector
Azerbaijan boosts oil, oil products shipment via Dubandi terminal in 2020
Azerbaijan boosts oil, oil products shipment via Dubandi terminal in 2020
ACG oil transshipment from Ceyhan terminal exceeds 8.5 million tons YTD
ACG oil transshipment from Ceyhan terminal exceeds 8.5 million tons YTD
Loading Bars
Latest
India, Bangladesh are commemorating 50 years of diplomatic ties this year: MEA
Several facilities to be launched in Iran’s electricity sector
Covaxin efficacy meets WHO standards, safe to use: Joint Drugs Controller
Azerbaijan boosts oil, oil products shipment via Dubandi terminal in 2020
Indian Government sends aid to flood victims in central Vietnam
Uzbekistan reveals COVID-19 data for January 19
ACG oil transshipment from Ceyhan terminal exceeds 8.5 million tons YTD
Startup India International Summit: Narendra Modi listens journey of Nepali businessman
Кazakh Electricity Grid Operating Company to buy electrical equipment via tender
2020 export of oil bitumen from Azerbaijan grows tenfold
Azerbaijan records plunge in number of foreign visitors in 2020
Turkmenistan registers Russian-made COVID-19 vaccine
Geodetic survey of IGB’s 182-km route nearing completion
Length of IGB’s welded sections reaches 90 km
Production, deliveries of all line pipes for IGB completed
Magnitude 6.8 quake strikes San Juan Province, Argentina
Iran could develop co-op with Finland in various sectors - TPO
Licensing for IGB’s commercial operation nearing final stage
Cargo transportation between Azerbaijan and Russia continued in 2020 - Trade Representative
Vaccine used in Azerbaijan also effective against new COVID-19 strain - TABIB
TABIB discusses side effects of COVID-19 vaccine
Turkey’s top science body provides support for young inventors
Chinese mainland reports 12 new imported COVID-19 cases
Georgian government works on restriction phase-out plan
Number of COVID-19 cases exceeds 170,000 in Kazakhstan
Kazakhstan reports increase in export of crude petroleum oils to Poland
EU plans to start spending huge recovery fund in months
Iran prioritize clearance of strategic goods from Customs
Brazil's COVID-19 death toll tops 210,000
Nigerian troops kill 30 bandits in gunfight
France's daily new COVID-19 infections at a more than six-week high
UK figure of daily new coronavirus cases drops further
Azerbaijani Foreign Minister meets with delegation of the Turkic Council, TURKSOY and Turkic Culture and Heritage Foundation
Spain eyes to support Georgia to further develop its tourism, infrastructure and energy fields
Sweden begins to administer second dose of COVID-19 vaccine
Canada to lift Boeing 737 MAX flight ban on January 20
CBI reacts to the German claim about INSTEX
Weekly review of Georgian capital markets (Jan.11 through Jan.15)
Trade balance between Azerbaijan and Turkey remains positive in 2020
Losses of JSC Georgian Railways increase
Kazakhstan boosts imports from Spain despite COVID-19 pandemic
Georgia makes investments in Kazakhstan's production of ferroalloys
Georgian FM meets Spanish officials in Madrid
Disneyland Paris delays reopening to April 2 due to COVID-19
Crime activity down in Azerbaijan
Kazakhstan discloses projects approved for financing within 'Almaty business-2025' program
Interior minister discloses number of crimes registered in Azerbaijan in 2020
Iran says won't accept new conditions within JCPOA
Azerbaijan names number of servicemen of Internal Troops of Interior Ministry who became martyrs
New memorandum between Azerbaijan and Turkey to be discussed
Azerbaijan shows footage from Alolar village of Kalbajar district (PHOTO/VIDEO)
Azerbaijan confirms 503 more COVID-19 recoveries
Gazprom reveals volume of gas imported by Georgia from Russia
Share of nuts, fruits, citrus peels in Azerbaijan's total export increases
Iranian Energy Exchange announces products to be on sale on January 19
Azerbaijan starts vaccination against coronavirus (PHOTO/VIDEO)
Turkish, Azerbaijani businessmen to carry out joint projects to revive Karabakh
Uzbekistan eyes increasing share of national currency in sovereign bonds
Roadmap for co-op on Lapis-Lazuli project signed
Azerbaijan's Central Bank to improve banking infrastructure in regions during 2021
Azerbaijan's SOCAR Polymer becomes largest importer in Russia
Iran’s Bahar Azadi gold coin price starts to fall
Georgia, Turkey discuss bilateral strategic partnership
Cargo turnover in Georgian ports decreases
Some statements by Armenian officials cause tension - Lavrov
Liberation of Azerbaijani territories forms new economic reality
Iran's Shazand Oil Refining Company opens tender to buy equipment
Volume of lending for Azerbaijani industrial and manufacturing sector increases
Railroad infrastructure investment projects may be implemented between Turkmenistan, Spain
Trilateral Statement on Karabakh has no secret clauses - Russian FM
Armenian side didn't provide lists of prisoners of war immediately and completely - Lavrov
Property appropriated by Georgian MFOs as payment of debts on loans down
Industrial enterprises put into operation in Iran's West Azerbaijan Province
Uzbekistan discloses number of enterprises created in healthcare sector in 2020
Uzbekistan’s 2020 volume of remittances up
Uzbekistan plans to create wholesale electricity and gas market
Azerbaijan to be one of first countries to see COVID-19 pandemic's end - agency's chairman (PHOTO)
Preparatory work under completion in Azerbaijan’s Alley of Martyrs (PHOTO)
Significant number of currency exchange offices closes in Georgia
2021 begins with victories, says President of Azerbaijan
Azerbaijan's export of beverages nearly halves
CISCO eyes to apply smart lighting model in Baku
Let no-one think that they may have special privileges - President of Azerbaijan
War is over, Nagorno-Karabakh conflict consigned to history - President of Azerbaijan
Everything in liberated lands must be done in planned manner - President Aliyev
Main export-import data between Turkmenistan, Spain published
Amount of money saved in biotech field in Iran revealed
Air Arabia airline company returning to Georgian market
Restoration of the Karabakh region is high on my agenda - President of Azerbaijan
Industry, agriculture, non-oil sector, export opportunities, reduction of dependence on imports – all these factors created new reality today - President Aliyev
Azerbaijan's state agency talks current status of road construction to post-war Shusha (PHOTO)
Number of insignia awarded to Azerbaijan's transport workers in 2020 revealed
Kazakhstan decreases export of crude petroleum oils to Romania
Total speeds up renewables push with $2.5 billion investment in Indian solar power
Revenues of Georgian air navigation service provider down
Sale transactions in Georgia's real-estate sector may drop in Jan.-Feb. 2021
President Aliyev attends groundbreaking ceremony for two plants in Sumgayit Chemical Industry Park, inaugurates sheet glass factory (PHOTO)
Bombardier to overhaul Israel Railways carriages
Georgia may receive Pfizer vaccine in 1Q2021
Uzbekistan to receive Pfizer/Biotech vaccine against COVID-19
All news