PASHA Bank, one of a leading corporate banks in Azerbaijan, has successfully concluded talks with Banque Cantonale de Genève ("BCGE"), a leading publicly traded Swiss bank, about cooperation in private banking. Following the talks, corporate and private clients of PASHA Bank in Azerbaijan may now be introduced by the Bank to BCGE to benefit from the its expertise in financial solutions.

Farid Akhundov, Chairman of Executive Board of PASHA Bank, said:

"We are very pleased with the beginning of this cooperation with one of the leading Swiss financial institutions. We have much to learn from Banque Cantonale de Genève and we are looking forward to the cooperation in providing services to our clients in Azerbaijan. PASHA Bank successfully continues to build its international network, and we have recently opened a representative office in Georgia. As a part of our international development strategy, we are considering setting up our own presence in Geneva in the future, and our cooperation with a reputable bank such as BCGE is very important to us."

Blaise Goetschin, CEO of the Banque Cantonale de Genève, commented:

"Given the increasing number of business exchanges between Switzerland and Azerbaijan, we are very interested in the development of the Azeri economy. Our collaboration with PASHA Bank allows us to keep our finger on the pulse of the Caucasus and to establish a win-win relationship."

The opportunity for private clients of PASHA Bank to apply for investment and fiduciary deposit accounts and for the use of other private banking services of the Swiss banks is in full compliance with the legislation of the Republic of Azerbaijan, including the Law on Exchange Control and the Rules on Regime of the Currency Transaction of the Residents and Non-residents in the Republic of Azerbaijan adopted by the Central Bank of the Republic of Azerbaijan.