Azernews.Az

The high assessment of Azerbaijani PASHA Bank's activity by Standard & Poor's and Fitch credit rating agencies is due to advanced infrastructure and an effective development system, Chief Executive of the bank, Farid Akhundov, said.

"This is an assessment of five-year activity, our achievements during this period. We have accomplished a lot in this period, and today we are a recognized brand," Akhundov told Trend news agency.

Akhundov said the bank clearly understands the directions of its development.

"We have a strong infrastructure, which is currently developing, a system, which assists the infrastructure development, we also have a good team and management. We have a clear understanding of where and how we want to develop, an understanding of credit risk, of our disadvantages. We consider that our good ratings are due to all this," Akhundov said.

PASHA Bank was first internationally rated on September 12. Standard & Poor's assigned PASHA Bank long-term and short-term credit ratings of "ВВ-/В" contractor with "stable" forecast. Fitch Ratings assigned a long-term rating with issuer default at the level of B+ with "stable" forecast a week after the first rating.

Pasha Bank was established in June 2007. The bank, along with Pasha Insurance, Pasha Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company, an investment company. 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.