Pasha Holding

What Pasha Holding does

PASHA Holding LLC is a privately held Azerbaijani investment holding company founded in November 2006, headquartered in Baku, and operating as the Corporate Center for PASHA Group. It is one of the largest diversified non-oil private business groups in the Caucasus region, with a portfolio spanning banking (PASHA Bank Azerbaijan, PASHA Bank Georgia, PASHA Bank Türkiye, and an 81.08% stake in Kapital Bank), insurance (PASHA Insurance, PASHA Life), investment and brokerage (PASHA Investments, PASHA Capital), construction and real estate development (PASHA Construction, PASHA Development), hospitality (Absheron Hotel Group), travel (PASHA Travel), IT services (PASHA Technology), and a digital ecosystem comprising BirBank, PashaPay/m10, Birmarket marketplace, Bravo Supermarket, and Agro Dairy.

The group serves a broad customer base including large corporations, SMEs, individual retail consumers (over 5.5 million through Kapital Bank), insurance customers (~300,000), and regional cross-border trade clients across Azerbaijan, Türkiye, Georgia, and increasingly Uzbekistan and Central Asia. Underlying technology includes Tier III Uptime Institute-certified data centers operated by PASHA Technology, a Tier III-certified cloud and cybersecurity infrastructure, the BirBank mobile banking super-app, the m10 digital wallet with over 5,500 MilliÖN payment terminals, and Birmarket — Azerbaijan's first marketplace platform.

Revenue is generated through multiple streams: banking interest and fee income, insurance premiums, construction project sales, brokerage and underwriting commissions, hospitality management fees, IT/cloud services, tourism transaction fees, and marketplace commissions. As of December 31, 2024, the group reported AZN 23.3 billion in total assets, AZN 3.07 billion in revenue, AZN 2.98 billion in equity, and over 22,000 employees, holding approximately 36.97% market share by assets in the Azerbaijan banking sector.

Name

Pasha Holding

Legal name

PASHA Holding LLC

Website

https://pasha-holding.az

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

PASHA Holding is a Baku-based diversified investment holding company operating across banking, insurance, construction, technology, hospitality, and digital financial services in Azerbaijan, Türkiye, Georgia, and Central Asia.

Ownership category

akta.pro rank

Product category

Diversified Financial Services Holding

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Trust, Fiduciary, and Custody Activities (523991)

SIC

National Commercial Banks (6021), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

Keywords

• Investment holding company
• Commercial banking services
• Insurance underwriting services
• Construction real estate development
• Hospitality hotel management

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Tourism and Travel Services: PASHA Travel generates revenue through IATA-certified tourism and destination management services, professional congress organization, business travel management, visa support, holiday packages, transportation bookings, hotel bookings, and customized concierge services.
2. Banking Services: PASHA Holding operates banking subsidiaries including PASHA Bank Azerbaijan, PASHA Bank Georgia, PASHA Bank Türkiye, and Kapital Bank, generating revenue through corporate banking, investment banking, trade financing, asset management, and retail banking services.
3. Insurance Premiums: PASHA Insurance offers 36 types of compulsory and voluntary insurance services for approximately 300,000 individuals and legal entities. PASHA Life Insurance provides all types of life insurance products, being a leader in the market by premiums written.
4. Construction and Real Estate Development: PASHA Construction develops international standard commercial and residential property. PASHA Development is involved in real estate acquisition, development and management across Turkey, Georgia, Montenegro, and Uzbekistan.
5. Investment and Brokerage Services: PASHA Investments focuses on growth capital investments in mid-cap companies. PASHA Capital provides brokerage, underwriting, margin trading, and financial advisory services. In 2020, PASHA Capital conducted AZN 10.9 billion worth of operations becoming the largest member of Baku Stock Exchange.
6. IT and Technology Services: PASHA Technology provides IT services, cloud computing, cyber security operations, and data center management. Revenue includes collocation services, Cloud Infrastructure as a Service, telco services, and Software as a Service.
7. Hospitality and Hotel Management: Absheron Hotel Group manages a world-class portfolio of hotels and resorts from mid-scale to luxury categories across Azerbaijan and Turkey, generating revenue through hotel operations and management fees.
8. Retail and E-commerce: Competo LLC operates Birmarket loyalty program and marketplace platform. Bravo supermarket chain serves retail customers. Agro Dairy operates in the agriculture sector.

Go-to-market motion4 records

Distribution channels10 records

Marketing channels11 records

Core offering

Pasha Holding is a diversified investment holding company that owns and operates subsidiaries across banking, insurance, construction and real estate development, technology, hospitality, tourism, retail, and agriculture. Its core financial services subsidiaries — PASHA Bank (Azerbaijan, Georgia, Türkiye) and Kapital Bank — provide corporate, investment, and retail banking; PASHA Insurance and PASHA Life offer insurance products; and PASHA Capital and PASHA Investments provide brokerage and private equity services. Non-financial subsidiaries deliver construction, luxury hotel management, travel services, IT/cloud/cybersecurity, and digital payment/wallet services.

Product overview

Pasha Holding operates as a diversified conglomerate with a multi-platform product ecosystem. The financial services segment includes PASHA Bank (operating across Azerbaijan, Georgia, and Türkiye), PASHA Insurance, PASHA Life Insurance, PASHA Investments, and PASHA Capital. Digital financial services are delivered through BirBank (mobile banking super app), PashaPay (digital payment platform), and m10 (electronic wallet enabling commission-free local money transfers). The loyalty and marketplace layer consists of Birmarket (loyalty program and marketplace). Non-financial business lines include PASHA Construction, PASHA Development, PASHA Travel, Absheron Hotel Group, and PASHA Technology (cybersecurity and data center services). Competo LLC provides additional technology solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Bir Ecosystem: Digital financial services ecosystem including BirBank, PashaPay, and Competo
• PASHA Real Estate Group
• PASHA Malls
• PASHA Property

Products and services

• PASHA Bank Azerbaijan Corporate and investment banking subsidiary offering investment banking, trade financing, asset management, and corporate banking services to large corporations, SMEs, and salary cardholders in Azerbaijan.
• PASHA Bank Georgia Corporate and investment banking subsidiary operating in Georgia, providing cross-border trade financing and corporate banking services between Türkiye, Azerbaijan, and Georgia.
• PASHA Bank Türkiye Corporate and investment banking subsidiary operating in Türkiye, providing trade finance and corporate banking services with Fitch National Long Term Rating of A-(tur).
• Kapital Bank Azerbaijan's largest retail banking network offering consumer banking, deposits, lending, payments, and digital banking through 118 branches and 46 divisions, serving approximately 5.5 million individuals and 35,000 legal entities.
• PASHA Insurance Non-life insurance subsidiary offering 36 types of compulsory and voluntary insurance services to approximately 300,000 individuals and legal entities in Azerbaijan, holding an S&P Global BB rating with positive outlook.
• PASHA Life Insurance Universal life insurance subsidiary providing all types of life insurance products to corporate and individual clients, recognized as a market leader by premiums written.
• PASHA Capital Brokerage and capital markets subsidiary providing brokerage, underwriting, margin trading, and financial advisory services; in 2020 conducted AZN 10.9 billion in operations, becoming the largest member of the Baku Stock Exchange by operations volume.
• PASHA Investments Private equity subsidiary focused on growth capital investments in mid-cap companies across Azerbaijan, Georgia, and Türkiye.
• PASHA Construction Construction subsidiary developing internationally standard commercial and residential real estate projects including Port Baku Residence, Four Seasons Hotel Baku, JW Marriott Absheron Hotel, Ganjlik Mall, and National Gymnastics Arena.
• PASHA Development Real estate development subsidiary engaged in real estate acquisition, development, and management across Türkiye, Georgia, Montenegro, and Uzbekistan, including The Ritz-Carlton Hotel project in Tashkent.
• PASHA Technology IT services subsidiary providing IT services, cloud computing (Infrastructure as a Service), cybersecurity operations, and data center management through Tier III Concurrently Maintainable certified Baku Main Data Center (BMDC) and Goychay Disaster Recovery Site (GDRS).
• PASHA Travel IATA-certified travel and tourism subsidiary providing destination management, professional congress organization, business travel management, visa support, holiday packages, transportation bookings, hotel bookings, and customized concierge services to corporate and individual clients globally.
• Absheron Hotel Group Hotel management subsidiary operating a portfolio of luxury and mid-scale hotels and resorts across Azerbaijan and Türkiye, including Four Seasons Hotel Baku, JW Marriott Absheron Baku, Ritz-Carlton Baku, Baku Marriott Hotel Boulevard, Sheraton Baku Intourist, and Mandarin Oriental Bodrum.
• PashaPay Digital payment platform and electronic wallet subsidiary delivering local money transfers with zero commission, QR-code payments, and a network of over 5,500 MilliÖN terminals across Azerbaijan enabling payments for more than 700 services.
• m10 Mobile Application Mobile e-wallet application enabling direct-to-consumer financial services including money transfers via mobile number with no commission, commission-free cashout, non-cash payments, and QR-code payments for general public and entrepreneurs in Azerbaijan.
• Birmarket Marketplace Azerbaijan's first online marketplace (e-commerce platform) offering thousands of products with home delivery, part of the Birmarket (formerly Umico) loyalty ecosystem.
• Birmarket Loyalty Program Coalition loyalty bonus program allowing customers to receive cashback from purchases in the largest retail chains across all trading categories as well as directly from manufacturers in Azerbaijan.
• BirBank Digital banking platform under Kapital Bank enabling financial services for retail and business customers through mobile and online channels including banking, loyalty rewards, and financial services.
• Bravo Supermarket Supermarket retail chain serving retail customers across Azerbaijan, operating within the diversified PASHA Group portfolio.
• Agro Dairy Agricultural and dairy subsidiary operating within PASHA Group, participating in COP29 panels on the future of agriculture and sustainable development.

Quantifiable outcome

• PASHA Bank Georgia achieved profitability for the first time in recent history with 1.7 million GEL net profit in 2023
• +3 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

34 partnerships are on record, tiered minor and core.

• Shusha Mosque Construction SupportminorOthers · 23 June 2026PASHA Holding provides support for the construction of the new Shusha Mosque in Azerbaijan's historic city of Shusha, featuring a distinctive design shaped like the number '8' to symbolize Victory Day, with twin 73-meter minarets.
• Astana HubcoreStrategic or Co-development Partner · 17 June 2025INMerge Innovation Summit's third regional side event was held in partnership with Astana Hub, Kazakhstan's leading technology center. The event took place in Almaty and brought together startups, corporate leaders, investors, and ecosystem stakeholders.
• SABAH.HUBminorStrategic or Co-development Partner · 17 June 2025A Memorandum of Understanding was signed between SABAH.HUB and Al-Farabi Innovation Hub on innovation development, with SABAH.HUB participating in the INMerge Kazakhstan regional event.
• EY AzerbaijancoreImplementation/ SI/ Consulting Partner · 13 June 2025The inaugural Business Talks event organized by PASHA Holding was held in partnership with EY Azerbaijan, S&P Global, and the Baku Stock Exchange, dedicated to sustainable finance with leading representatives from Azerbaijan's business and financial sectors.
• S&P GlobalcoreImplementation/ SI/ Consulting Partner · 13 June 2025S&P Global partnered with PASHA Holding on the Business Talks platform inaugural event on sustainable finance, contributing expertise on ESG reporting, ratings, and climate-related financial risks.
• Baku Stock ExchangecoreImplementation/ SI/ Consulting Partner · 13 June 2025Baku Stock Exchange partnered with PASHA Holding on the Business Talks platform inaugural event on sustainable finance, focusing on ESG reporting and sustainable finance topics.
• Ritz-CarltoncoreChannel Partner/ Reseller/ Distributor · 4 June 2025PASHA Real Estate Group is developing a five-star hotel and branded residences under the prestigious Ritz-Carlton brand in Tashkent, Uzbekistan, and also manages The Ritz-Carlton, Baku (under construction). Absheron Hotel Group manages properties under international hotel brands.
• MastercardcoreTechnology or Integration · 3 June 2025PashaPay, a subsidiary of PASHA Holding and part of the Bir ecosystem, signed a Memorandum of Understanding with Mastercard at Money20/20 Europe event in Amsterdam, marking the beginning of a strategic collaboration in the development of digital financial services.
• Nişantaşı UniversityminorStrategic or Co-development Partner · 2 June 2025PASHA Bank Türkiye launched a partnership with Nişantaşı University's Banking and Insurance program, offering students internship opportunities at the bank and building a bridge between education and the business world.
• WORLDEFminorGTM or Marketing Partner · 15 May 2025Umico, a subsidiary of PASHA Holding, participated in WORLDEF 2025 event held in Istanbul, sharing the platform with leading global companies and brands including Jumia Group, Landmark Group, Ananas E-commerce, Trendyol Group, Amazon, AliExpress, UNIMALL.
• Trendyol GroupminorStrategic or Co-development Partner · 2 May 2025PASHA Holding and Trendyol Group conducted a women's AI bootcamp in Azerbaijan as part of ESG and talent initiatives. PASHA Holding is a shareholder in Trendyol through K Group LLC.
• TenitycoreStrategic or Co-development Partner · 29 April 2025PASHA Holding organized the INMerge Innovation Summit regional side event in Türkiye in partnership with Tenity. Tenity also co-organized the PASHA Hackathon 5.0 competition in May 2025, providing organizational support for the innovation ecosystem.
• AzercellminorGTM or Marketing Partner · 24 February 2025Azercell participated as a speaker at the Business Talks by PASHA Holding event on sustainable finance.
• SOCARminorGTM or Marketing Partner · 24 February 2025SOCAR participated as a speaker at the Business Talks by PASHA Holding event on sustainable finance.
• NEQSOL HoldingminorGTM or Marketing Partner · 24 February 2025NEQSOL Holding participated as a speaker at the Business Talks by PASHA Holding event on sustainable finance.
• Paval HoldingminorChannel Partner/ Reseller/ Distributor · 17 February 2025Note: Paval Holding (mentioned in Carrefour FY 2025 results regarding sale of Romanian operations) is a separate entity, not a partnership of PASHA Holding. Mentions Paval Holding in a different context from an unrelated news source.
• Agro Dairy - COP29 PanelsminorStrategic or Co-development Partner · 19 November 2024Agro Dairy hosted two panels at COP29 focused on the future of agriculture and its critical role in sustainable development, with participation from Kapital Bank CEO, Trendyol, PwC, and EY representatives.
• Deloitte AzerbaijancoreImplementation/ SI/ Consulting Partner · 23 October 2024PASHA Bank announced the Best Managed Companies Azerbaijan 2025 business competition in cooperation with Deloitte Azerbaijan, recognizing best-in-class private companies.
• Hungarian University of Agriculture and Life SciencesminorStrategic or Co-development Partner · 15 October 2024A memorandum of cooperation was signed between Agro Dairy (part of PASHA Holding) and the Hungarian University of Agriculture and Life Sciences, focused on future of agriculture and sustainable development.
• IDEA Public UnionminorGTM or Marketing Partner · 14 October 2024IDEA Public Union organized cleanup campaigns with the support of PASHA Group, contributing to environmental sustainability initiatives.
• Baku International Piano FestivalminorGTM or Marketing Partner · 3 October 2024PASHA Holding sponsored the Baku International Piano Festival, supporting cultural events as part of its corporate social responsibility program.
• Leading Lights ProgramminorStrategic or Co-development Partner · 23 September 2024PASHA Holding hosted the kick-off of the third cohort of the Leading Lights program, a leadership development initiative.
• Ritz-Carlton Hotel Project (Tashkent)coreChannel Partner/ Reseller/ Distributor · 29 August 2024PASHA Holding commenced the execution of The Ritz-Carlton Hotel project in Tashkent, Uzbekistan, as part of its real estate expansion strategy in Central Asia.
• Baku ID Innovation FestivalminorGTM or Marketing Partner · 8 July 2024PASHA Holding supported the Baku ID Innovation Festival, contributing to innovation ecosystem development in Azerbaijan.
• AMCHAM (American Chamber of Commerce in Azerbaijan)coreStrategic or Co-development Partner · 26 June 2024Dayanat Sadullayev, Chief of Staff at PASHA Holding, was elected President of the Management Board of AMCHAM. PASHA Holding actively participates in AmCham events including CEO keynote speaking engagements.
• PASHA Insurance - Holberton School AzerbaijanminorStrategic or Co-development Partner · 12 June 2024PASHA Holding and PASHA Insurance sponsor Holberton School Azerbaijan, celebrating first and second graduation ceremonies. Holberton School provides full-stack software engineering education.
• Bloomberg NEFminorStrategic or Co-development Partner · 21 May 2024PASHA Bank held an event in cooperation with Bloomberg NEF, contributing to discussions on sustainable finance and energy transition topics.
• Azerbaijan Cybersecurity Center Partners (Technion Institute, Ministry of Digital Development)coreStrategic or Co-development Partner · 3 March 2024Azerbaijan Cybersecurity Center was established with support from PASHA Holding, the Ministry of Digital Development and Transport of Azerbaijan, and in collaboration with Israel's Technion Institute. The center provides cybersecurity training with professional instructors from Israel.
• Absheron Hotel Group - Azerbaijan Tourism and Management University (ATMU)minorStrategic or Co-development Partner · 21 February 2024Absheron Hotel Group signed an official partnership with Azerbaijan Tourism and Management University to cultivate future leaders in the hospitality industry, creating new job opportunities and contributing to hospitality sector development.
• UN AzerbaijancoreStrategic or Co-development Partner · 3 April 2023PASHA Holding partnered with the Azerbaijan representation of the UN within the framework of COP29, hosting joint events including the '29 Climate Conversations: Road to COP29' program and actively contributing to discussions on sustainability, climate finance, and energy transition at COP29.
• Turkey Earthquake ReliefminorOthers · 9 February 2023PASHA Holding and its subsidiaries donated 1 million dollars to support Turkey following the earthquake disaster in February 2023.
• YAŞAT FoundationcoreStrategic or Co-development Partner · 17 January 2023PASHA Holding, through its subsidiary PASHA Insurance and under the 'Vətən əmanətlərin keşiyindədir' initiative, provides insurance coverage for children of martyrs. The partnership includes medical assistance covering examinations, surgeries, medication supply, and other healthcare services.
• Mandarin Oriental Bodrum HotelminorChannel Partner/ Reseller/ Distributor · 13 January 2023PASHA Holding became a 50% shareholder of Mandarin Oriental Bodrum Hotel, expanding its hospitality portfolio in Turkey.
• YASHAT FundcoreOthers · 14 December 2020PASHA Holding and its banking and insurance subsidiaries (Kapital Bank, PASHA Bank, PASHA Insurance, PASHA Life) donated 2 million AZN to the YASHAT Fund to support families of martyrs and soldiers wounded defending Azerbaijan's territorial integrity during the 44-day Second Karabakh War.

Scale indicators42 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Halyk Bank: Kazakhstan's largest retail bank with diversified financial services including corporate banking, brokerage, and asset management. Operates a super-app and serves over 8M clients — directly comparable to PASHA Holding's combined retail and corporate financial footprint across the Caucasus.
• Azersun Holding: One of Azerbaijan's largest privately-held conglomerates with operations in food production, agriculture, retail, real estate development, and construction. Comparable to PASHA Holding as a domestically-rooted Azerbaijani diversified group spanning non-oil sectors.
• Bank of Georgia Group: Georgia's largest retail and corporate bank with subsidiaries in investment banking, insurance, and wealth management. Directly comparable to PASHA Bank Georgia and the group's regional banking-and-financial-services franchise across the Caucasus.
• TBC Bank Group: Georgia- and Uzbekistan-focused banking group with retail, corporate, and digital banking operations. Operates in PASHA Holding's geographic footprint (Georgia, Uzbekistan via TBC Uzbekistan) and shares a similar retail-plus-corporate-plus-fintech model.

Broad incumbents

• International Holding Company (IHC): Abu Dhabi-listed diversified conglomerate that aggregates operating businesses across multiple sectors including financial services, real estate, food, and industrials. Mirrors PASHA Holding's model of a single holding entity shepherding a conglomerate portfolio with cross-subsidiary value creation.
• Garanti BBVA: Türkiye's second-largest private bank with retail, corporate, and digital banking plus insurance and leasing. Directly comparable to PASHA Bank Türkiye in scale and product breadth within the Turkish market.
• Sabancı Holding: Türkiye's leading diversified conglomerate with subsidiaries in banking (Yapı Kredi), insurance, real estate, industrials, and energy. Closely comparable to PASHA Holding as a regional diversified platform with a regulated banking anchor.

Others

• KIPCO: Kuwait-based diversified holding company investing in asset management, banking (Burgan Bank), insurance, and real estate across MENA. Functionally analogous to PASHA Holding as a regional holding vehicle that channelizes capital across financial and non-financial verticals.

Emerging players

• OTP Bank: Hungarian-headquartered banking group with operations across Central and Eastern Europe and CIS, combining retail, corporate, and digital banking under one umbrella. Comparable as a regional banking franchise pursuing multi-country roll-up.

Regional players

• Gilan Holding: Azerbaijani diversified group active in food production, construction, packaging, and agriculture. Domestic peer comparable to PASHA Holding in its non-financial subsidiaries (PASHA Construction, Bravo, Agro Dairy) within Azerbaijan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PASHAHoldingLLC
• YouTubeyoutube.com/@pashaholding
• Facebookfacebook.com/PashaHoldingLLC
• LinkedInlinkedin.com/company/pasha-holding-llc
• Instagraminstagram.com/pashaholding

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries26 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pasha Holding