SOURCE: Oracle Corporation

Oracle Corporation

October 12, 2015 19:56 ET

PASHA Bank Selects Oracle to Transform Its Core Banking System

Leading Azerbaijani Bank Replaces Legacy System to Drive Global Expansion and Improve Operational Efficiencies

SINGAPORE--(Marketwired - Oct 12, 2015) - SIBOS - BAI Retail Delivery -- Oracle (NYSE: ORCL) -- PASHA Bank OJSC, one of Azerbaijan's largest banks, has announced today that it has selected Oracle FLEXCUBE to improve its go-to-market time for new products, reduce operational costs and drive growth internationally. The decision is a key component it achieving the bank's long-term regional goal of creating interconnected banking operations in Azerbaijan, Georgia and Turkey.

PASHA Bank's goal of becoming one of leading financial institutions of the region required a core banking solution that would enable it to compete effectively internationally as well as in its domestic market, while still reducing its operational costs.

The bank selected Oracle's FLEXCUBE Universal and Direct Banking solutions to provide a single platform that would allow it to work seamlessly across its entire geographic footprint, and to roll-out new products quickly to meet changing demands in the market.

"The region that PASHA Bank and its subsidiaries operate in is changing rapidly," said Taleh Kazimov, CEO, PASHA Bank. "Our locale is working more closely than ever before, with many organizations spreading their operations out from Azerbaijan into Georgia and Turkey. We need to ensure that we can provide them with infrastructure that supports this expansion. We selected Oracle to revolutionize our core banking systems as the solution provided us with the flexibility and scalability we require to meet the demands of our customers."

Alongside supporting PASHA Bank's corporate offering, Oracle was also selected to help it grow its retail operations. Working with local partner, DATAS, Oracle was able to implement a solution that met the needs of both aspects of PASHA Bank's business.

"With the rapid evolution in digital and the associated rise in customer expectations the banking industry is at a critical juncture," said Chet Kamat, Senior Vice President, Banking Products at Oracle. "Banks need to embark on an accelerated IT and business transformation to enable them to drive competitive differentiation. Oracle FLEXCUBE is the ideal solution to meet the innovation and expansion objectives of PASHA Bank, while driving agility in operations, flexibility in business and enhancing return on investments. We are glad to be a partner in PASHA Bank's journey."

About PASHA Bank

PASHA Bank OJSC was established in 2007 as a part of the "PASHA" group of companies, and has become a leading Azerbaijani bank focused on servicing institutional and high net worth private clients. PASHA Bank was founded with the strategic goal of servicing clients in the expanding non-oil sectors of Azerbaijan, following the Government's economic diversification efforts. The Bank operates with the core values of integrity, quality and profitability and has built a reputation as one of the most trusted financial institutions in Azerbaijan. 

For additional information on Oracle and its banking solutions, visit Oracle FLEXCUBE, Oracle Managed Cloud Services, Oracle Financial Services Managed Cloud Solution Brief, Oracle Financial Services

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