PASHA Bank has completed its capital increase
PASHA Bank stands out with its steady growth. It has completed its capital increase process — which had been announced in the month of March — upon approval of the Banking Regulation and Supervision Board. Baku based PASHA Holding LLC injected TL 245 million cash, and by this way acquired 49 percent of PASHA Bank’s shares.
Having closed the initial 3-year strategic period with growth and profitability, PASHA Bank announced in March that it would increase its TL 255 million paid up capital approximately by 2 times. The procedures for this were concluded with the approval of the Banking Regulation and Supervision Board. Upon injection of TL 245 million cash by the Baku based PASHA Holding LLC, PASHA Bank’s capital has increased to TL 500 million. By this way, 49 percent of PASHA Bank’s shares have been transferred to PASHA Holding LLC. After this change in the shareholding structure, 51 percent of the Bank’s shares are now owned by PASHA Bank OJSC, and 49 percent by PASHA Holding LLC.
In his written statement, H. Cenk Eynehan, the General Manager of PASHA Bank, said as follows: “Having set ‘being the first bank that comes to mind’ in the Azerbaijan-Georgia-Turkey triangle as a target, we made significant achievements in our initial 3-year period. Not only did we extend financial support to the prominent corporations in energy, mining and construction sectors, we also built commercial and cultural bridges between these three countries. As a requirement of the mission we had undertaken, in our second strategic period we shall — with our strengthened capital structure and highly qualified human resources — continue to contribute to the value-adding investments in our country and to the development of the trade relations in the region.”