Watchdog OKs Azeri lender to enter into Turkish market

Watchdog OKs Azeri lender to enter into Turkish market

Turkey’s banking watchdog BDDK has approved the acquisition of a majority stake in TAIB Bank by Azerbaijani lender Pasha Bank from Turkey’s Aksoy Holding, as announced by the company through written statement Dec. 30.

Pasha Bank board members have decided to enter the Turkish market to be able to meet their potential clients who do business in especially Azerbaijan, Turkey and Georgia, read the statement.

“We see great potential particularly in Turkey’s small and medium scaled enterprises that are seeking business and investment opportunities in Azerbaijan and Georgia. Accordingly, we want to help Azerbaijani investors who seek opportunities in the Turkish market,” said Pasha Bank CEO Farid Akhundov.

Aksoy Group had acquired Bahrain-based TAIB’s TAIB Bank in June 2013. TAIB has been active in Turkey since 1987 and it also has a brokerage firm.

Pasha Bank is the largest private bank in Azerbaijan by total equity, and one of the top five private banks by assets, according to data on the bank’s official website.