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