Pasha Bank Plans to Open Before the End of the Year Subsidiary in Georgia

JSC Pasha Bank plans by the end of the year to leave assets to the level of 650 million manat.

According to the board member, CFO of the bank Shahin Mammadov, the expectations of the bank for the same period, the market share in terms of assets should be increased to 5%.

Based on this, we expect the most pessimistic forecasts a net profit in the range 11.8-12 million manat. On September 1, the net profit stood at 11.8 million with assets of AZN 610 million manat, Mammadov said.

Referring to plans to open a subsidiary in Georgia, representatives of the bank said that officially applied to the Central Bank of Georgia. Currently, there is a process to the future of the office and recruitment. According to recent estimates Pasha Bank subsidiary in the neighboring country will be open throughout the year.

JSC Pasha Bank was founded in June of 2007 and operates under license number 250 of the Central Bank of Azerbaijan Republic dated 28 November of 2007. Its primary objective is to strengthen leadership in the corporate customer service, quality improvement of business on priorities, strategy, and the creation and continued development of long-term and trusting relationship. -15B -