PASHA Bank

What PASHA Bank does

PASHA Bank OJSC is a Baku-headquartered commercial bank established in 2007 under license of the Central Bank of the Republic of Azerbaijan, operating across six business segments: Corporate Banking, Small and Medium Business (SME) Banking (for businesses with annual turnover up to 8 million AZN), Investment Banking, Individual Banking, Private Banking, and Financial Institutions (correspondent banking). It ranks among the top three banks in Azerbaijan by assets, with consolidated assets of 9,317 million AZN and consolidated capital of 963 million AZN as of 30 June 2025, and operates regional subsidiaries in Georgia (established 2013) and Turkey (established 2014) under the PAŞA Maliyyə Holdinqi MMC group, forming a Baku–Tbilisi–Istanbul trade corridor network. Core product lines include corporate lending (including agriculture / 'agrokredit' facilities), factoring (including reverse and international factoring), documentary operations (letters of credit, bank guarantees, trade financing), POS terminal and e-commerce acquiring, currency exchange and derivatives, and a Miles&Smiles co-branded credit card with Turkish Airlines that has served over 29,000 customers since 2019.

The bank's revenue model is built on three primary streams: (1) interest income from corporate, SME, agriculture, and mortgage lending; (2) fee and commission income from documentary operations, trade financing, factoring, plastic cards, and SMS/banking services; and (3) transaction-based income from correspondent banking, currency exchange, derivatives, and securities operations. Distribution combines five business centers and three branches across Azerbaijan with a digital stack that includes a mobile application (on iOS, Google Play, and Huawei AppGallery), internet banking, a B2B platform, ATM network, and the onboarding.pashabank.digital portal for legal entities. Sales motion is hybrid: dedicated relationship managers for large corporates plus self-serve digital channels that drove 55% of IPO placement value and 81% of orders in the June 2026 listing, evidencing material digital adoption. PASHA Bank completed its IPO on the Baku Stock Exchange on 24 June 2026, raising $30.2 million through 932,926 shares at 129% oversubscription, becoming the first private bank listed in Azerbaijan and lifting the country's market capitalization-to-GDP ratio to nearly 4%. The bank carries an S&P BB-/B rating and Moody's Ba2 rating, both with positive outlook, and is led by CEO Cavid Quliyev (appointed 9 June 2022) with a board that includes independent members with McKinsey, BNY/Boubyan Bank, and Deloitte backgrounds.

Name

PASHA Bank

Legal name

PASHA Bank OJSC

Website

https://pashabank.az

Company type

Public

Founded year

2007

Operating status

Ipo

Headcount range

11–50 employees

Short description

PASHA Bank is a Baku-headquartered Azerbaijani commercial bank offering corporate, SME, investment, private, individual, and correspondent banking across Azerbaijan, Georgia, and Turkey, and was the first private bank to IPO on the Baku Stock Exchange in June 2026.

Ownership category

akta.pro rank

Product category

Corporate Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

SME Sector/Specialty Banking (Vertical-focused: Healthcare, Agri, Tech, etc.) (FSABABAI), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Corporate banking
• Investment banking
• Trade finance
• Private banking
• SME lending

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Traditional banking interest income from corporate loans, SME lending, agriculture lending, mortgages, and other credit facilities.
2. Fee and Commission Income: Fees from documentary operations (letters of credit, bank guarantees), trade financing, factoring services, plastic cards, SMS notifications, and other banking services.
3. Investment Banking Services: Currency exchange operations, derivatives trading, and securities operations (stocks, bonds).
4. Correspondent Banking Services: Services to correspondent banks including documentary operations and lending.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

PASHA Bank is a full-service commercial bank operating across corporate, SME, investment, individual, private, and financial-institution banking segments, offering corporate lending, factoring, documentary operations (letters of credit and bank guarantees), trade finance, currency exchange, derivatives, securities operations, deposits, plastic cards, mortgage and personal loans, POS acquiring, and digital banking via mobile app, internet banking, and B2B platform. It operates in Azerbaijan with subsidiaries in Georgia and Turkey, forming a Baku-Tbilisi-Istanbul regional banking network.

Product overview

PASHA Bank operates as a comprehensive financial services institution offering a multi-segment banking platform. The core products include Corporate Banking Services (clearing, deposits, cards, lending, factoring, documentary operations, POS terminals, distance banking), SME Banking (business accounts, loans, payments, e-commerce for businesses up to 8M AZN turnover), Investment Banking (currency exchange, derivatives), Individual Banking (deposits, cards, loans, mobile banking), and Private Banking (wealth management). Key sub-brands and modules include the Miles&Smiles co-branded credit card with Turkish Airlines, B2B Platform for corporate clients, Internet and Mobile Banking applications, and Factoring/Documentary Operations for trade finance. The bank also provides correspondent banking services and POS terminal acquiring for merchants.

Differentiator

Problem solved

Functional benefit

Brands

• Miles&Smiles: Co-branded credit card program with Turkish Airlines launched in 2019, allowing cardholders to earn miles on domestic and international payments with benefits including flight ticket conversion, business lounge access, and travel insurance. Over 29,000 cards issued to customers since 2019.

Products and services

• Corporate Banking Services Comprehensive corporate banking services for large corporate customers including clearing and settlement, deposits, cash collection, plastic cards, corporate lending, factoring, documentary operations, acquiring and payment services, and distance banking.
• Small & Medium Business (SME) Banking Banking services for businesses with annual turnover up to 8 million AZN, including business accounts, payroll projects, payments, business cards, POS terminals, e-commerce, and online business loans.
• Investment Banking Investment banking services including currency exchange operations, derivatives (forwards, swaps, options), and financial consultancy for securities trading and capital market activities.
• Individual Banking Financial and non-financial services for individual customers including deposits, plastic cards, distance banking, loans (cash, mortgage, insurance-secured real estate), and mobile banking application.
• Private Banking Premium banking services for high-wealth customers providing financial and non-financial services with exclusive benefits and personalized wealth management solutions.
• Financial Institutions Services Services for correspondent banks including documentary operations (letters of credit, bank guarantees, trade financing), interbank lending, and correspondent relationship management.
• Miles&Smiles Co-branded Card Co-branded credit card partnership with Turkish Airlines allowing cardholders to earn miles on domestic and international payments with benefits including flight ticket conversion, business lounge access, and travel insurance. The program has issued over 29,000 cards with access to 700 brands.
• Factoring Services Comprehensive factoring solutions including factoring, reverse factoring, international factoring, and purchase order financing for corporate clients.
• POS Terminal & E-Commerce Acquiring Services Payment acceptance services including POS terminal services, integration with cash registers, virtual POS for e-commerce, and Tajir Card merchant product.
• Documentary Operations Trade finance services including letters of credit, bank guarantees, and trade financing for import/export operations.

Quantifiable outcome

• IPO raised $30.2 million with 129% oversubscription, creating nearly 18,000 new shareholders
• +1 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• Central Bank of AzerbaijancoreOthers · 24 June 2026Regulatory body that supported the IPO process of PASHA Bank.
• Baku Stock ExchangecoreOthers · 24 June 2026Host exchange for PASHA Bank's IPO and secondary market trading. The IPO was the first private bank listing and first private-sector IPO in Azerbaijan.
• National Depository CentercoreOthers · 24 June 2026National depository center that supported the IPO process of PASHA Bank.
• Turkish AirlinesflagshipStrategic or Co-development Partner · 23 June 2026PASHA Bank and Turkish Airlines have an exclusive co-branded Miles&Smiles card partnership since 2019. The partnership was extended for 3 more years in June 2026. The cards allow cardholders to earn miles on domestic and international payments, with benefits including flight ticket conversion, business lounge access, and travel insurance. The program has over 29,000 customers, about 200 partner networks with 700 brands, and customers have redeemed miles for over 84,000 airline tickets. Turkish Airlines operates to more than 130 countries with a fleet of over 540 aircraft serving more than 25 million Miles&Smiles members globally.
• Div AcademycoreStrategic or Co-development Partner · 22 June 2026Partnership for 'AI for Good' artificial intelligence training program that ran for three months. The program selected 20 participants from 457 applicants aged 18-23 who had lost parental care, providing them with theoretical and practical AI knowledge alongside soft skills training delivered by PASHA Bank employees. The program is part of the bank's corporate social responsibility strategy.
• Bank of New York (BNY)flagshipStrategic or Co-development Partner · 17 June 2026PASHA Bank senior executives attended a Strategic Leadership Summit organized by BNY in London, bringing together leaders from across the PASHA Group ecosystem. The event focused on themes of connectivity and transformation, covering global macroeconomic trends, artificial intelligence, digital assets, and new business models in the financial sector. The summit aimed to strengthen the partnership between PASHA Group and BNY.

Scale indicators10 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• TBC Bank Group: TBC Bank is a London-listed Georgia-based commercial bank with strong retail, SME, and corporate banking franchises. It is comparable to PASHA Bank as a regional, publicly-listed commercial bank operating in the Caucasus with similar customer segments and digital banking investments.
• Bank of Georgia Group: Bank of Georgia is the largest commercial bank in Georgia and a direct regional peer to PASHA Bank, with overlapping corporate, SME, retail, and investment banking segments across the Caucasus. Both banks target the same Baku-Tbilisi-Istanbul trade corridor and compete for cross-border corporate mandates.
• Halyk Bank: Halyk Bank is Kazakhstan's largest universal bank and a direct analogue to PASHA Bank in the post-Soviet energy-driven economies of the Caspian/Central Asia region, with comparable retail, SME, and corporate banking franchises and similar country-risk profile.
• Kapital Bank: Kapital Bank is one of the largest domestic competitors of PASHA Bank in Azerbaijan, offering retail, corporate, and SME banking. Comparable in product mix, geography, and target customer segments within the same Azerbaijani market.
• AccessBank Azerbaijan: AccessBank Azerbaijan is a microfinance-focused bank in Azerbaijan serving SMEs and individuals, comparable to PASHA Bank's SME segment focus. Both operate under Central Bank of Azerbaijan supervision and target similar underserved business banking segments.
• International Bank of Azerbaijan: The International Bank of Azerbaijan is a major state-controlled Azerbaijani bank and a direct domestic competitor to PASHA Bank across retail, corporate, and SME banking. Comparable in geographic footprint and target segments within Azerbaijan.

Regional players

• Türkiye İş Bankası: İş Bankası is Turkey's largest private commercial bank and operates through PASHA's Turkish subsidiary corridor. It is a comparable universal commercial bank with corporate, investment, and trade finance capabilities, though at materially larger scale than PASHA Bank Turkey.

Broad incumbents

• Garanti BBVA: Garanti BBVA is a major Turkish universal bank with strong corporate, SME, and digital banking capabilities. Comparable to PASHA Bank in product mix (corporate, retail, investment banking) but operates at much larger scale and serves as a competitor for regional corporate mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/pashabank
• Facebookfacebook.com/pashabank
• LinkedInlinkedin.com/company/pasha-bank
• Instagraminstagram.com/pashabank

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 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 Bank