Dear Stakeholders,

The collaboration that we have created with our majority shareholder PASHA Bank OJSC completed its first year. During this period, we, as PASHA Bank, had a better understanding of the opportunities in the economic triangle among Turkey-Azerbaijan-Georgia and our potential in the region. On the other hand, the dynamism and strong structural characteristics of the Turkish economy continued to motivate us in our activities. We have confirmed once again that we had taken a very correct decision by making an investment in the brotherly country of Turkey.

As PASHA Bank Turkey, we continued our operations in 2015 in a manner consistent with the corporate strategy covering the period of 2015-2017 based on the diversification of business lines in order to establish the sustainable business model of the PASHA Group and left the year 2015 behind as a successful and profitable operating period in financial and operational aspects.

On the other hand, the valuable guidance and support provided to the PASHA Group by Aksoy Holding in the process of stepping into the banking sector in Turkey and the valuable business partnership that we conducted afterwards in 2015 have contributed significantly to the successful results that we achieved.

In this period, we have developed business partnerships with national companies having cross-border activities and combined our rapid growth with effective risk management. We witnessed the reflection of our reputable partnership structure in our credit rating that we received in 2015 for the first time.

That PASHA Bank OJSC is a member of the largest privately owned banking group in Azerbaijan and its high credibility and awareness in the region provide us with power to strengthen more the close relationships coming from our history with financial ties.

As PASHA Bank, we aim to become the top-of-mind bank in the financing of the inter-regional trade in the region that includes Turkey, Azerbaijan, and Georgia, linking the investment with trust and the success with future by acting as a bridge in cross-border relations, and thus contributing to the development of the regional trade.

With our high value-added services in the field of foreign trade, we will continue in 2016 as well supporting the entrepreneurs in the region, offering the opportunity to do business with different advantages, and contributing to the economies.

In line with our commitment on further developing our efforts to obtain funds from domestic and overseas markets, we are working intensively to strengthen our network of correspondents and our credit lines. We see 2016 as a year in which we will expand and deepen our funding sources. We are also working hard to develop our cooperation with supranational institutions in the framework of our goals in question.

As PASHA Bank, we fully believe in becoming an agent of the best corporate practices and the confidence and continuity. In an effort to facilitate sustainable economic growth and regional business partnerships in line with the vision of our group, we will continue to serve our customers as a reliable business partner managed by utmost integrity, robust corporate governance, high-tech solutions, and competent human talent.

We will see the positive impact on our business processes of the synergy efforts that we carried out in the PASHA Group increasingly in the future periods. We will expand our goals with the support provided by the corporate vision and strategy of the PASHA Group.

With the investments to be made in 2016 for brand awareness, we believe that the positive perception of our target customer base of the PASHA Bank’s brandname will increase in a quick manner.

We see the investments that we will make in qualified human resources in Turkey as the key to our success as PASHA Bank of our long-standing activities in Turkey.

We are confident that we will have the advantage of hitting the road with strong strategies and dynamic staff in the year 2016 in which we anticipate the market conditions to be challenging. In this process, our continuous improvement work will go on regarding our risk management systems, especially the credit risk, in a manner to support our healthy and sustainable growth.

I would like to thank our valued employees and our management team for their dedicated work, our shareholders and all business partners for their valuable support, and our customers for their confidence in us.

Yours sincerely,
Agha Ali KAMALOV
Chairman