No intention to change development strategy – Pasha Bank

Business Materials 12 February 2016 11:27 (UTC +04:00)

Baku, Azerbaijan, Feb. 12


Azerbaijan's Pasha Bank says it doesn't plan to change its development strategy.

"We approved a new development strategy in 2015, and in spite of the macroeconomic situation in the country, we don't intend to change it," Shirin Aliyeva, the Pasha Bank board's member, told reporters Feb. 12.

"As before, we will implement the programs for financing large corporate customers, small and medium-sized enterprises," she explained. "Moreover, we will continue developing the Private Banking direction."

"Therefore, no major changes are expected to be made in the strategy," said Aliyeva. "We have begun to analyze our risks more carefully. This can be the only change."

She also said the bank will continue working with projects on payroll cards, despite that the corporate sector remains a priority.

Aliyeva further said the bank doesn't plan to increase the number of its branches abroad.

"As you know, we have subsidiaries in Turkey and Georgia," she said. "We don't plan to increase their number either in 2016 or in general throughout the strategy period. But the main purpose is to develop cooperation as part of the so-called Azerbaijan-Georgia-Turkey triangle."

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