Azerbaijan's Pasha Bank cleared to buy majority of Turkey's Taib Yatirim Bank

By establishing a presence in Turkey, Pasha Bank will seek to capitalise on increased trade and investment flows between Azerbaijan, Georgia and Turkey, the Azeri bank said in a statement.

Pasha Bank will acquire 80% of Taib Yatirim Bank, the Turkish bank said in a filing with Borsa Istanbul on Monday. Aksoy Holding will have a 20% stake in Taib Yatirim Bank after the transaction.

Pasha Bank, part of Azeri investment holding Pasha Group, is the largest private bank in Azerbaijan by total equity. The bank also has operations in Georgia.

Taib Yatirim Bank is an investment bank established in 1987 that provides boutique corporate finance services. Aksoy Holding acquired full ownership of the bank in August 2013.