Subsidiary of Azerbaijani bank in Turkey to continue supporting regional trade (Exclusive)

Business Materials 7 June 2018 20:40 (UTC +04:00)

Baku, Azerbaijan, June 7

By Anvar Mammadov – Trend:

PASHA Yatirim Bankasi AS, a subsidiary of Azerbaijan’s PASHA Bank OJSC in Turkey, after increasing its authorized capital will continue to contribute to investing in the Turkish economy and the development of trade in the region, a source in the bank told Trend June 7.

The source noted that the bank achieved significant success in the previous three-year strategic period.

“PASHA Bank is distinguished by steady growth,” the source added. “We completed the process of increasing authorized capital, and this was announced in March. Over the past strategic period, we not only provided financial support to major corporations in the energy, mining and construction sectors, but also built trade and cultural bridges among Azerbaijan, Georgia and Turkey. During our second strategic period, with our strengthened capital structure and highly qualified human resources, we will continue to contribute to investing in Turkey and to develop trade relations in the region.”

Having completed the initial three-year strategic period with profit and asset growth, PASHA Yatirim Bankasi announced about an increase of the authorized capital by approximately two times in March 2018.

Finally, the process was completed in May. PASHA Holding LLC became new shareholder of the bank after the capital injection worth 245 million Turkish liras. As a result, the capital of PASHA Yatirim Bankasi increased to 500 million Turkish liras. Thus, after the change in the structure of the share capital, 50.96 percent of the bank’s shares now belong to PASHA Bank, 49 percent belong to PASHA Holding, and the remaining 0.04 percent to Aksoy Holding.

Turkey’s Banking Regulation and Supervision Agency (BDDK) approved PASHA Bank's purchasing a 79.9 percent share in TAIB Bank, which was renamed to PASHA Yatirim Bankasi, on Dec. 29, 2014.

PASHA Bank has been operating in Azerbaijan since 2007.

PASHA Bank renders a range of corporate banking services, including issuance of loans, operations in the securities market, assets management, and treasury services.

Presently, PASHA Bank has a subsidiary in Georgia.

(4.6178 TRY = $1 on June 7)


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