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Azerbaijani bank becomes almost sole shareholder of its subsidiary in Turkey

Azerbaijani bank becomes almost sole shareholder of its subsidiary in Turkey

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Date: 26 December 2015 14:52

Baku, Azerbaijan, Dec. 26

By Azad Hasanli – Trend:

Azerbaijani PASHA Bank has bought back a 20-percent stake of its subsidiary bank in Turkey - PASHA Bank Yatırım Bankası from Aksoy Holding, worth 51 million Turkish liras (TRY), the Turkish Haberturk website reported Dec.26.

The official exchange rate of the Turkish lira to Azerbaijani manat is set at 0.53 manats as of Dec.26.

Thus, Aksoy Holding fully exited the bank’s shareholders group, as a result a share package of the Azerbaijani bank in Pasha Bank Yatırım Bankası has increased from 79.9196 percent to 99.9196 percent. The remaining part, 0.0804 percent of the shares, is owned by other shareholders.

Turkey’s Banking Regulation and Supervision Agency approved PASHA Bank’s purchasing 79.9 percent of TAIB Bank’s shares on December 29, 2014 and increasing its share capital from 80 million TRY to 255 million TRY.

PASHA Bank is a leading corporate bank of Azerbaijan. The bank that was founded in 2007, provides a range of corporate banking services including issuing of loans, operations in the securities market, asset management, and treasury services.

PASHA Bank is a part of PASHA Group - a major investment holding group in Azerbaijan, which also includes significant assets in insurance, property development, production of construction materials, tourism and other businesses. Kapital Bank, one of the largest retail banks in Azerbaijan, is also owned by PASHA Group.

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