Azerbaijani PashaBank seeks to enter Turkey’s banking market

The Azerbaijani PashaBank is considering participation in Turkey's banking sector. This was stated the chairman of the bank's board of directors Farid Akhundov at a press conference on Thursday.

"The economic situation and business environment in Turkey make this market very appealing for us. We already finance clients in the country. Our presence in this market is possible and we are currently studying it," Akhundov said.

According to him, the bank retains plans to enter the Swiss market.

"This market is interesting from the point of view of private and corporate investment banking and we would like to get closer to investors. This can be done in several ways, through acquiring a stake in the bank, or opening a representative office, branch or subsidiary," Akhundov said.

According to him, there is no final decision on the next step for entering foreign markets yet and the bank is exploring new markets.

To date, PashaBank is represented abroad through the only branch in Georgia.

Its primary objective is to strengthen its leadership in corporate customer service, qualitative growth of business in priority areas defined by the strategy and the creation and continued development of long term and trusted relationships.

The bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company which is actually an investment company, rather than a classic holding company. Kapital Bank is also included in the structure of the Pasha Group. The Holding owns 99.75 per cent of the shares in Kapital bank.

PASHA Holding holds 60 per cent of the bank's shares, ADOR ltd - 30 per cent and Arif Pashayev - 10 per cent.


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