OREANDA-NEWS. October 14, 2009. Pashabank OJSC (established in 2007) has set a goal to develop private banking system in Azerbaijan.

Bank’s chairman of board Farid Akhundov says that development of strategy of private banking operations is under completion.

Now we are studying actively e market to have an idea of who are customers on such kind of operations and clarify their demands. Activation of operations themselves is expected in 2010,” he said.

Introduction of this type of services in the Bank is envisaged within his strategy for 2009-11.

Earlier the Bank thought that introduction of private banking in Azerbaijan will demand amendments to legislation regulating bank activities in the country. Pashabank understands under private banking the complex service of private customers (families) that demands preparation of relevant infrastructure and staff strengthening.

Following 2008 Pashabank ranked the 5th among the domestic counterparts on profitability. The principles of Bank’s corporate philosophy are: transparency, quality and profitability.