PASHA Holding comments on deconsolidation

PASHA Holdings can cover the expenses of PASHA Bank Georgia and PASHA Bank Turkey, caused by fluctuations in currency rate, PASHA Bank said in response to Report's inquiry.

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.