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PASHA Holding

From Wikipedia, the free encyclopedia

PASHA Holding LLC
TypePrivate company
IndustryFinancial services
Founded2006
HeadquartersBaku, Azerbaijan
Area served
Azerbaijan
Turkey
Georgia
Montenegro
Key people
Jalal Gasimov, CEO[1]
Services
RevenueIncrease AZN 3.07 billion (2024)
Total assetsIncrease AZN 23.3 billion (2024)
Total equityIncrease AZN 2.98 billion (2024)
Number of employees
25.000+ (2025)
Websitehttp://www.pasha-holding.az

PASHA Holding is an Azerbaijani conglomerate.[2][3] Its major holdings are Kapital Bank (81.08%)[4] and Pasha Bank (71.7498%).[5][6] The revenue in 2025 was 3.1 billion US-Dollars.[3]

It has more than 25,000 employees and total assets of 17.9 billion US-Dollars.[3][7] The conglomerate is active in Azerbaijan, Uzbekistan, Turkey, Georgia, Montenegro, and the United States.[8]

Ownership and Criticism

[edit]

PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country, making it one of the most powerful companies in the country.[9][10] The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's president, Ilham Aliyev, Leyla and Arzu.[11][12] Mehriban Aliyeva is not involved in the business.[3][11]

Pasha Holding was founded by Arif Pashayev, the father of Mehriban Aliyeva (née Pashayeva), the first lady of Azerbaijan.

The company has been embroiled in high-level corruption in Azerbaijan.[2] The company has substantial government contracts across different sectors.[13]

Subsidiaries

[edit]

Among its subsidiaries are:[2][14][15]

  • Pasha Real Estate Group
  • Pasha Life
  • Pasha Insurance
  • Pasha Bank Azerbaijan
  • Pasha Bank Georgia
  • Pasha Bank Türkiye
  • Pasha Capital
  • Bir Ecosystem (Birbank, Birmarket, Pashapay)
  • Bravo
  • AgroDairy
  • Pasha Technology
  • Pasha Ventures Group

The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan, and Georgia.[14] Pasha Holding owns a 50% stake in the Mandarin Oriental Bodrum Hotel.[16][17] In 2024, Pasha Construction invested 200 million US$ in building a Ritz-Carlton hotel in Tashkent, Uzbekistan.[18] In June 2024, Pasha Holding announced a possible IPO in 2025 at the Azerbaijani Stock Exchange, with a possible double listing in Dubai or Turkey.[3]

The company's investments are primarily focused on its home region, with any remaining funds allocated to the United States and Germany.[19] Pasha Holding has considered establishing a branch in Germany. In similar cases it typically conducts one or two pilot investments, as it did in the United States. Its core business is real estate, and it may also implement pilot projects in the German real estate sector with an investment volume of three to five million Euros.[19] Recently an investment in Hudson Valley, USA, was made.[20]

Pasha Real Estate Group

[edit]

Pasha Real Estate Group, is active as a real estate investor and developer in the White City of Baku, among other places. One example of this is the Knightsbridge Residence, which was designed by Chapman Taylor and implemented by Pasha Real Estate.[19][21]

Pasha Bank

[edit]

Pasha Bank operates in Azerbaijan, Georgia, and Turkey. It is the largest bank in Azerbaijan. In March 2026, it was announced that the bank would list five percent of its total assets on the stock exchange in mid-May 2026. The lead underwriters are Pasha Capital AB, ABB Invest, and Unicapital. This marks the first initial public offering (IPO) of a private company in Azerbaijan.[8]

Activities

[edit]

The company built the Four Seasons hotel in Baku, which involved destroying part of the Baku Fortress Wall of the Inner City.[2]

Critics like Transparency International have pointed out that Pasha Holding, a COP 29 "official partner", has close ties to the Aliyev family.[22][23]

Between 2023 and 2025, Pasha Holding supported the restoration of the historic Chol Gala Mosque in Shusha.[24][25][26][27]

Pasha Holding has been partnering with the Baku International Jazz Festival for more than ten years.[28]

In addition, Pasha Holding organizes the InMerge Innovation Summit which is held annually in Baku as well as Türkiye, Kazakhstan, Uzbekistan, Georgia, and Germany.[29][30]

References

[edit]
  1. ↑ "PASHA Holding website".
  2. 1 2 3 4 Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 126–127. doi:10.7312/alts70456. ISBN 978-0-231-70456-4. JSTOR 10.7312/alts70456.
  3. 1 2 3 4 5 "PASHA Mischkonzern will an die Börse". Focus. 2024.
  4. ↑ Kapital Bank. "About Kapital Bank - Section Shareholders".
  5. ↑ KAP Public Disclosure Platform. "KAP Public Disclosure Platform Merkezi Kayıt Kuruluşu AŞ".
  6. ↑ Turkey, Fortune (3 May 2024). "Pasha Bank, Türkiye'deki Faaliyetlerini Güçlendiriyor | Fortune Turkey" (in Turkish). Retrieved 28 May 2024.
  7. ↑ "PASHA Group In Brief". pasha-holding.az. Retrieved 9 September 2025.
  8. 1 2 Siebenhaar, Hans-Peter. "Pasha Holding: Azerbaijan's largest conglomerate is proceeding with the IPO of its banking subsidiary in mid-April despite drone attacks on the oil-rich country (original title: Pasha Holding: Der größte Konzern in Aserbaidschan wagt den IPO seiner Bank-Tochter Mitte April trotz Drohnenangriffe auf das Ölland)". Focus Money.
  9. ↑ Stöber, Silvia. "Aserbaidschan nach dem Öl-Boom: Modern und autoritär". tagesschau.de (in German). Retrieved 19 December 2024.
  10. ↑ Ismayilova, Khadija; Radu, Paul (2015). "The Speakers' Corner". OCCRP.
  11. 1 2 Babali, Hafiz; Ismayilova, Khadija (24 March 2017). "Nowhere To Be Found: Firms With Official Ties Absent From Key Azerbaijani Registry". Radio Free Europe/Radio Liberty.
  12. ↑ Bloss, Dave; Patrucic, Miranda; Ismayilova, Khadija; Azerbaijan, OCCRP (2016). "Azerbaijani Insiders Benefited from Currency Collapse". OCCRP.
  13. ↑ Ray, Don (2015). "Forged in fire: the making of an investigative reporter". OCCRP.
  14. 1 2 Pasha Holdings. "Group Structure".
  15. ↑ "Group Structure". pasha-holding.az. Retrieved 9 September 2025.
  16. ↑ "Azerbaijan's PASHA Holding confirms acquiring stake at Türkiye's largest hotel". Trend.Az. 13 January 2023. Retrieved 28 May 2024.
  17. ↑ alice (28 February 2023). "Revealed: Aliyev family's holding bought 50 percent of a luxury hotel in Bodrum". MEYDAN.TV. Retrieved 28 May 2024.
  18. ↑ kunu.uz. "Azerbaijan eyes to build a five-star hotel in Tashkent". Kun.uz. Retrieved 12 September 2024.
  19. 1 2 3 Cremer, Daniel (20 June 2025). "Baku schaut nach Berlin: Eine Partnerschaft auf Augenhöhe?". Berliner Zeitung (in German). Retrieved 9 September 2025.
  20. ↑ "PASHA Real Estate expands global portfolio with One&Only Hudson Valley, New York (PHOTO)". Trend.Az. 8 May 2026. Retrieved 29 May 2026.
  21. ↑ "K Residence". Chapman Taylor. Retrieved 9 September 2025.
  22. ↑ "'Official Partners' of Azerbaijan's COP29 Climate Summit Linked To Ruling Aliyev Family and Their Inner Circle". OCCRP. 2024.
  23. ↑ "COP Co-Opted: How corruption and undue influence threaten multilateral climate action" (PDF). Transparency International. 2024. Archived from the original (PDF) on 14 November 2024. Retrieved 1 November 2024.
  24. ↑ "President Ilham Aliyev inspected restoration works at Chol Gala Mosque in Shusha-UPDATED". Apa.az. Retrieved 30 July 2025.
  25. ↑ "President Ilham Aliyev, First Lady Mehriban Aliyeva attend multiple openings, inspect ongoing construction in Shusha (PHOTO/VIDEO)". Trend.Az. 27 March 2025. Retrieved 30 July 2025.
  26. ↑ "Ilham Aliyev inspected restoration works at Chol Gala Mosque in Shusha » Official web-site of President of Azerbaijan Republic". president.az. Retrieved 30 July 2025.
  27. ↑ "Azerbaijani president attends opening of facilities in Fuzuli, Shusha - UPDATED/PHOTO". caliber.az. 30 July 2025. Retrieved 30 July 2025.
  28. ↑ "18 YEARS PARTNERS". bakujazzfestival (in Azerbaijani). Retrieved 12 September 2024.
  29. ↑ "PASHA Holding to welcome Apple co-founder in Baku". azertag.az. Retrieved 29 May 2026.
  30. ↑ "InMerge Summit reflecting vitality of innovation in region - Trendyol CEO". Trend.Az. 30 November 2023. Retrieved 29 May 2026.
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