Azernews.Az

Pasha Bank, a leading corporate bank in Azerbaijan, plans to open a branch in Georgia by late October, head of the bank in Georgia, Anar Ismayilov, told Georgian radio station Kommersant FM.

A representation of Pasha Bank, which will be converted into a branch, has been present in the Georgian market since last summer.

``Currently the Tbilisi branch is being repaired and prepared for opening. The process of staff selection has already been completed. Ten people will work in the Tbilisi branch of Pasha Bank,`` Ismayilov said.

He said the bank will not expand its network in Georgia and will limit its operations in the neighboring country to one branch during the first three years. ``There are a lot of companies in Azerbaijan that operate in Georgia, and we will represent their interests. There is great competition between the banks in Georgia, and this experience will be helpful for us,`` he said.

Pasha Bank was established in June 2007. Pasha Bank shareholders are: Pasha Holding with 60 per cent, ADOR Ltd with 30 per cent and private shareholder Arif Pashayev with 10 per cent.

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, not a typical 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.