PASHA Bank's Supervisory Board has appointed Taleh Kazimov as PASHA Bank's new Chairman of the Board. He is replacing Farid Akhundov, who will continue working in Supervisory Board of PASHA Bank. Mr Kazimov was previously Member of the Board and Chief Investment Officer, and will begin his new role on 1 July, 2015.

Farid Akhundov commented: "The decision to change the Bank's management was adopted more than a year ago, in February 2014, and team was informed about it in the same time. The leadership of the Bank is in an excellent pair of hands with Taleh Kazimov, and I am confident PASHA Bank will continue to be successful, both in Azerbaijan and the wider region, under his leadership. I would like to thank everyone in the Bank for all the support I have received in my role as Chairman and CEO"

Taleh Kazimov added: "I am delighted to be taking the position of Chairman. Farid has been instrumental in making PASHA Bank what it is today, and I am looking forward to continue driving forward our 2015-2017 strategy. I think the Bank has a bright future as a gateway to the Caspian region, and I am excited about reaching new heights together with the PASHA Bank team. I wish Farid great success."

Taleh Kazimov joined PASHA Bank in 2007 as Head of Risk Management. In December, 2011 he was appointed Member of the Board and Chief Investment Officer of the Bank and was responsible for business development, institutional and investment banking and risk management. Prior to joining PASHA Bank, Mr. Kazimov held various positions with Bank Standard JSC and Ernst & Young, working in investment and corporate banking, financial audit and risk management.

Mr Kazimov graduated from the Automatic Equipment and Computer Science Department of the Azerbaijan Technical University with a Bachelor's degree. He also holds an MBA from the Azerbaijan State Oil Academy and a commerce degree with a major in finance from Georgia State University. He is an alumnus of London and Harvard Business Schools.