The Turkish Banking Regulation and Supervision Agency (“BRSA”) has granted permission to PASHA Bank, a leading private Azerbaijani investment and corporate financial institution, to acquire the controlling stake of TAIB Bank from Aksoy Holding of Turkey.

PASHA Bank and Aksoy Holding have enjoyed a strong working relationship over the last several years, making Aksoy Holding the perfect partner for PASHA Bank’s entry into the Turkish market. Both PASHA Bank and Aksoy Holding saw a one-time opportunity to leverage their trusted partnership and to utilise the competence and capital that they share.

By establishing a presence in Turkey, PASHA Bank will seek to capitalise on the increased trade and investment flows between Azerbaijan, Georgia and Turkey. With economic activity between these three countries growing, PASHA Bank’s Board of Directors saw entering the Turkish market as essential for serving their clients’ current and potential banking needs.

Farid Akhundov, CEO of PASHA Bank, commented: “We are excited to enter into this partnership agreement with Aksoy Holding and look forward to working closely with Turkish corporates. We believe the Turkish market holds great potential, particularly for small and medium enterprises looking for investment opportunities in Azerbaijan, Georgia and other countries in the region. There are also plenty of opportunities for Azerbaijani investments into Turkish SMEs, and we hope that PASHA Bank’s presence in Turkey will help to aid the flow of investments and trade in the region.”

Batu Aksoy, CEO and Vice Chairman of Aksoy Holding, also commented: “Partnering with PASHA Bank and bringing foreign direct investment from Azerbaijan to Turkey’s vibrant banking sector is an important moment for us. We are confident that this partnership will yield a very successful, niche banking platform that will help businesses to grow both in Turkey and the wider region.”