PASHA Bank of Azerbaijan introduces multiple cutting-edge business innovations

BAKU: Azerbaijan’s PASHA Bank implemented three new business innovations in 2023, Chairman of the Executive Board, Chief Executive Officer at PASHA Bank Javid Gouliyev said during today’s press conference dedicated to the bank’s performance results for 2023 in Baku, Trend reports.

“PASHA Bank introduced a new service called ‘Financial Guide’, which automates clients’ tax and accounting operations. This is the first service of its kind in the banking sector, significantly simplifying financial reporting and optimizing workflows. The second business innovation is the so-called ‘Partner Check’.

Now, companies can obtain general, tax, legal, and data on state tenders about their partners using a taxpayer identification number (TIN). This innovation reduces risks and simplifies the process of interacting with partners, improving informational transparency and the reliability of business relationships,” he pointed out.

According to him, the third direction is the ‘Financial Management Platform’.

“PASHA Bank has
developed a platform that optimizes companies’ financial management processes. The platform provides real-time data display for the bank accounts of company groups, offers analytical charts, and enhances control over financial flows,” he added.

To note, PASHA Bank continues to strengthen its position in the corporate banking sector and expand cooperation with leading banks, including establishing direct relationships with correspondent accounts of US banks.

PASHA Bank is a prominent corporate bank in Azerbaijan. Established in 2007, it provides a comprehensive array of financial services, such as asset management, trade financing, and investment banking, to a diverse clientele, ranging from large corporations to small and medium-sized enterprises.

Meanwhile, at the end of 2023, PASHA Bank’s assets stood at 8.622 billion manat or $5.07 billion (2.2 percent growth), with the loan portfolio at 2.958 billion manat or $1.7 billion (4.7 percent growth), liabilities at 7.809 billion manat or $4.59 billion (35.7 p
ercent growth), and the bank’s net profit reached 271.551 million manat or $159.7 million (3.18 times growth).

Source: Trend News Agency