PASHA Bank is satisfied with the first working results of its subsidiary PASHA Bank Georgia.
Chairman of Board of PASHA Bank Farid Akhundov says that initially PASHA Bank Georgia losses by July 1 were estimated to be 2 million USD but in practice in made no more than 0.5 million USD.
“It turned out that in Georgia where about 90 % of all commercial transactions go through the banks it’s much easier to offer financial intermediation services. Our subsidiary bank successfully takes this opportunity”, - Akhundov said.
In Georgia the Bank conducts also active work with securities, establishing relations with the stock exchange, studying existing and potential emitters. The potential Georgian emitters are already interested in the plans of the bank.
Recall that PASHA Bank Georgia received a license for banking activity on 17 January, opened an office in February, and started operating in April. In june the bank become a member of Association of Banks of Georgia