One of the leading players of Azerbaijani banking sector PASHA Bank has opened today its first subsidiary bank in Tbilisi - the capital of Georgia.

At the press conference announcing the opening of PASHA Bank Georgia, Mr. Farid Akhundov the Chief Executive Officer of PASHA Bank said that the choice of Georgia as the first country in the overseas expansion of the Bank was made based on many factors. "This is the growing trade between our two countries, the joint participation of Georgia and Azerbaijan in the implementation of strategic projects on a regional scale, and just a strong friendship that ties our countries. Our biggest goal - is to make our contribution to the development of the economies of Georgia and Azerbaijan, "-Mr. F. Akhundov said.

The Chief Executive Officer of PASHA Bank Georgia Mr. Anar Ismayilov said that the Bank will position itself as a financial institution closely associated with the development of entrepreneurship, offering businesses the wide range of banking products and services. "Currently, there is a large number of Azerbaijani companies, including the customers of PASHA Bank, who has been successfully operating in Georgia. One of the main aims of PASHA Bank Georgia will be supporting and meeting the financial interests and the needs of Georgian and Azerbaijani companies operating in this country", said Mr. A. Ismayilov.

The National Bank of Georgia has granted PASHA Bank Georgia with the license on January 17, 2013. The charter capital of PASHA Bank Georgia is GL35 million (equivalent to US$ 21 million). The Bank aims to reaching US$60 million in assets within next 2 years.

At present PASHA Bank Georgia will be operating from its branch in Tbilisi, located at 15, Rustaveli Avenue. However, in the foreseeable future the Bank envisages expanding the branch network to the West of Georgia – to Batumi and Poti.