Azerbaijan, Baku / Trend corr. I.Khalilova / The co-founders of the Texnika Leasing company made the decision to increase its authorized capital from $0.2mln to $1.5mln. Khagani Guluzadeh, the deputy manager of the company, said.
Initially, the capital of the company was formed with $50,000. Texnika Leasing was founded by Texnikabank at the second quarter of 2005. The bank continues increasing the capital at the expense of its own funds.
Approximately 70% of leasing operations that the company implements is at the expense of funds drawn from European Financial Institutions (France, Britain), Guluzadeh said. In 2006 Texnikabank received $4mln credits from the Canadian Toronto Daminion Bank under the guarantee of the United States EximBank to purchase equipment in the United States for the leasing company.
The credit resources of the company are drawn through the bank due to lack of international audit. The loan from foreign countries costs cheaper than from funds from the local banks.
The leasing portfolio of the company constituted AZN 5mln. It is planned to increase the portfolio by two or three times in the future. By the end of the year the portfolio will reach AZN 7mln.
Texnika Leasing is planning to reconsider conditions for the allocation of equipment for leasing. The on-leasing operations term will be increased from the current three years to five years and interest rates reduced from 18% to 15% or 16%.
In 2006 the International Financial Company and Texnika Leasing signed an agreement on cooperation.