Pasha Bank Now in Turkey

JSC Pasha Bank bought first 60%, and now the entire stake in Turkish TAIB Bank owned by Aksoy Holding. According to the newspaper Hurriyet (, part of the assets were put up for sale in 2012, and in March, the Chairman of the Board of Aksoy Holding, Erdal Aksoy received an offer from the Azerbaijani bank. CEO for Investment of Pasha Bank, Taleh Kazimov confirmed for the newspaper that the entity will be called Pasha Bank Turkiye, in the way they called a similar entity in Georgia (Pasha Bank Georgia).

It is a fresh example of efforts of the local business, besides the stated government investment in Turkey, to invest finances earned by "gray" schemes on the basis of political power protection.

The said Turkish bank was bought out in 2012 by Aksoy Holding from the Sheikh of Dubai, Al Maktoum. The head office of TAIB Bank is located in Bahrain. For unknown reasons, having worked for a few months, the bank was brought for sale. According to rumors, this was asked by business people from Azerbaijan - Pasha Bank belongs to the kin of the First Lady Mehriban Aliyeva.

Speaking of activity, we should note that in the last 5 years the proportion of Azerbaijani business people in the Turkish business has significantly increased. Before that Azerbaijan cooperated with the Turkish business community only in the food and textile industry, while now this has added the oil and banking sectors, as well as tourism. Among the investors most frequently mentioned are the names of the ship billionaire Mubariz Mansimov and the multi-profile tycoon Iskender Khalilov. The Turkish press reported that in this country they own hotels, ports and real estate, including islands. The names of other investors are hidden, except for commercial structures of the State Oil Company, although they all collectively have invested heavily in the Turkish economy. This process accelerated after simplifying the law allowing foreigners to buy property in Turkey. Many experts believe that the Azerbaijani business people are considering investing in the Turkish business as the easiest way to legalize dirty money. Statistics show that, along with Eastern European countries, neighboring Georgia and Turkey have become a fertile place for work related to our authorities, companies and firms.

Before that, the biggest investment of Azerbaijan in the Turkish economy was in the energy and petrochemical sector. In 2011, SOCAR acquired the complex Petkim, which now operates under the name of SOCAR Turkey Energy AS. In a short time SOCAR investments increased from 200 million to 2.6 billion TL. According to the head of SOCAR Turkey Kenan Yavuz, this is the biggest investment in the Turkish economy. --17D-

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