Azerbaijani largest commercial bank to operate on Turkish securities market more actively
Baku, Azerbaijan, May 15
By Azad Hasanli - Trend:
PASHA Bank plans to operate on the Turkish securities market more actively in 2016, Taleh Kazimov, chairman of the board of the bank, said in an interview with The Banker.
PASHA Bank's subsidiary - PASHA Bank Yatırım Bankası, operates in Turkey.
PASHA Bank Yatırım Bankası was established on the basis of the Turkish TAIB Bank, purchased in 2014.
Kazimov said that PASHA Bank, having rich experience on the Azerbaijani stock market, has already started to work on the Georgian stock market in 2015, where its subsidiary - PASHA Bank Georgia is operating.
The bank organized the issuance of Finca Bank Georgia's bonds worth 20 million lari in 2015.
While speaking about the activity of the bank's subsidiaries in Turkey and Georgia, Kazimov said that both banks have already got the profit.
PASHA Bank Yatırım Bankası's profit was $3.07 million, while PASHA Bank Georgia's profit - $75,980 as of 2015.
"As for the further expansion, taking into account the economic turbulence that we face in the region, this year we have been more focused on strengthening the institutional opportunities," he said.
"We will continue to develop the risk management, HR and IT," he said. "But by 2017, we will have to make a decision whether we want to expand our activity or continue to work on the markets of Azerbaijan, Georgia and Turkey."
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.