PASHA Bank, Azerbaijan's leading corporate bank, has become Azerbaijan's first member of Factors Chain International (FCI), the world's leading international factoring network uniting over 270 companies across the globe. Membership of FCI allows PASHA Bank, which is a key player on Azerbaijan's factoring market, to access the international factoring market.
According to PASHA Bank's Chief Commercial Director Melih Mengu, one of the primary purposes of FCI is to establish a set of worldwide standards for the completion of cross-border factoring deals.
"The FCI imposes exacting requirements on each member both in terms of financial stability and quality of service, and we are delighted to become the first and only financial institution of Azerbaijan to be admitted to the association. Providing international factoring services through our FCI membership opens great possibilities for our customers, as we can now fully support Azerbaijani companies engaged in import-export activities. Despite the macroeconomic challenges facing the region, PASHA Bank will continue joining international associations, developing new services and supporting the real sector within the Azerbaijan-Turkey-Georgia economic triangle," commented Melih Mengu.
PASHA Bank currently offers factoring services to its clients in Azerbaijan. These services have proved popular among PASHA Bank's customers, particularly in the manufacturing, construction and service industries.
PASHA Bank has continually been recognised by the international financial community as the leader of Azerbaijan's banking market. The Bank has received several prestigious awards, including ‘Best Bank of Azerbaijan' from EMEA Finance and ‘Trade Award 2014' from Commerzbank AG.