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PASHA Holding comments on deconsolidation

11.02.2020,15:11


February 11, Fineko/abc.az. PASHA Holding is able to cover expenses incurred by PASHA Bank Georgia and PASHA Bank Turkey because of changes in the exchange rate in the countries where Pasha Bank's subsidiaries operate. 

Standard&Poor's international rating agency yesterday published a report evaluating PASHA Bank's activity.

"We would like to note that PASHA Holdings did not issue any statement on reconsolidation. Therefore, we state that the information contained in the report of the rating agency stems from misinterpretation and is unfounded. We notified the Standard&Poor's experts, the information was taken into account and updated," the bank said.

International experts believe Pasha Bank's strong market position in Azerbaijan's corporate lending segment continues to support business stability. The bank's market share in this segment increased to 18.6% as of Oct. 1, 2019, versus 15.6% at year-end 2018, and we think it may reach 22%-24% in 2020.

 

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