Pasha Bank not to purchase bank inside country

 Pasha Bank not to purchase bank inside country
# 19 December 2012 13:27 (UTC +04:00)

Baku Ali Ahmedov – APA-Economics. Azerbaijan-based Pasha Bank does not intend to acquire share in authorized capital of local bank, said the chairman of Board of Directors Farid Akhundov.

Note that according to Central Bank’s decision, total capital of Azerbaijan-based banks must reach AZN 50 mln from AZN 10 mln by January 1, 2014.

Pasha Bank intends to establish Pasha Bank-Georgia bank in Georgia. Authorized capital of new bank will approximately be 35 mln laris ($ 21.15 mln). Georgian relevant agencies have already received appeals on obtaining of license for operation of bank.

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THE OPERATION IS BEING PERFORMED