PASHA Bank says not eyeing consolidation with other banks

Business Materials 25 April 2017 13:50 (UTC +04:00)

Baku, Azerbaijan, Apr. 25

By Azad Hasanli – Trend:

PASHA Bank doesn’t plan to consider consolidation with other banks operating in Azerbaijan in 2017, said Taleh Kazimov, PASHA Bank CEO and chairman of Executive Board.

He made the remarks at a press conference in Baku Apr. 25.

It was earlier reported that Azerbaijan’s Caspian Development Bank and AtaBank are planning to merge.

This was positively accepted by the market. President of Azerbaijan Banks Association (ABA) Zakir Nuriyev said the ABA welcomes consolidation in the banking sector, adding emergence of more efficient banks in the market is very important during the economic transition to the post-oil era.

Further during the press conference, Taleh Kazimov said PASHA Bank does not plan to open branches abroad yet.

“It doesn’t plan to consider opening a branch in Iran either, at least while there are international sanctions imposed on the country,” according to the PASHA Bank CEO.

PASHA Bank currently has two subsidiaries abroad – in Turkey and Georgia.

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