PASHA Bank, one of Azerbaijan's largest banks, is pleased to confirm that Standard & Poor's reaffirmed PASHA Bank's ‘ВВ-‘/'B' long-term and short-term Issuing Bank Default Rating (IBDR). The S&P's rating reaffirms PASHA Bank's leading position among private banks in Azerbaijan with 100% local capitalisation.
According to Taleh Kazimov, the Chairman of the PASHA Bank Executive Board, against background of maintaining of country’s rating by Standard & Poor's, affirmation of Bank’s rating by the Agency was predictable for us.
«In the light of current situation in the financial market this is great achievement for our Bank. Affirmation of our rating is the manifestation of the Agency’s trust to the Bank as regional financial institution. The key objective of PASHA Bank established ten years ago has been to contribute to the development of non-oil sector of economy and Bank’s strategies have been shaped around this objective. By targeting long-term and sustainable development, PASHA Bank has invested huge resources into corporate segment and risk management, human resources and IT infrastructure. The fact that Standard & Poor's maintained PASHA Bank’s rating at the times of challenges is a proof of efficiency and respondency of our strategy», - noted T. Kazimov.
The affirmation reflects PASHA Bank's high importance in the domestic banking sector, as well as the Bank's sound market position and strong capital buffer, which is capable of providing some protection during difficult market conditions.