PASHA BANK ANNUAL REPOT 2024

PASHA BANK’S HISTORICAL DEVELOPMENT AND MILESTONES Founded as the first foreign capital investment bank of Türkiye in 1987 under the name Yatırım Bank A.Ş., PASHA Yatırım Bankası A.Ş. operated under the management of different shareholder groups. In 2015, the Baku based regional financial institution PASHA Bank OJSC which is a private bank with the highest capital in Azerbaijan, acquired the majority shares and the new title of the Bank became PASHA Yatırım Bankası A.Ş. and the business name became PASHA Bank. As the majority shareholder of the Bank, PASHA Holding LLC became 49% direct shareholder in 2018, paid-in-capital increased to TL 500 million. In 2023, the direct ownership stake of PASHA Holding LLC in the Bank increased from 49% to 71.75%, while the share of PASHA Bank OJSC was 28.21%. PASHA Bank operates from its head office located in Istanbul and has no branch offices. PASHA Bank has been providing services to entrepreneurs with its corporate, business, premium and investment banking products in accordance with its targets of supporting trade between Türkiye-Azerbaijan-Georgia, providing resources and guidance for enterprises investing in the region. 1987 Yatırım Bank A.Ş. was established in Istanbul as the first foreign‑owned investment bank in Türkiye. 2015 PASHA Bank OJSC, the highest‑capitalized private bank in Azerbaijan, became the majority shareholder by acquiring a majority stake in the Bank. The Bank’s title was changed to PASHA Yatırım Bankası A.Ş., and the paid‑in capital increased to TL 255 million. 2016 The issuance of the first debt instrument was realized by means of a sale to qualified investors. 2017 The first M&A transaction was finalized. The first Eurobond, with a maturity of five years and denominated in USD, was issued in the Azerbaijani market. The Bank, for the first time, acted as an intermediary in the issuance of a debt instrument. 2018 PASHA Holding LLC acquired 49% of the shares, and the paid‑in capital was increased to TL 500 million. ESTABLISHMENT AS ““THE FIRST FOREIGN‑CAPITALIZED INVESTMENT BANK IN TÜRKİYE”” 1987 16 PASHA Bank 2024 Annual Report