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Azerbaijan leasing company intend to resume suspended projects financing

Business Materials 7 January 2009 16:35 (UTC +04:00)

Azerbaijan, Baku, Jan.7 / Trend , U.Ismayilova /

Parex Leasing & Factoring OJSC, one of the largest leasing companies in Azerbaijan with 100 percent capital, which suspended financing of new projects in December due to the influence of global financial crisis on company's founder Parex Bank, intends to resume financing in the next few months," a source from the company said on Jan. 7.

"At present, we continue functioning and working with old projects. Our company will work in the previous regime soon. According to the founder, the problem caused by crisis will be removed in the next two or three months," Parex Leasing & Factoring said.

In November, Latvia made a decision at the regular meeting on acquiring control packet of shares in the capital of Parex Bank so that to safe bank from bankruptcy. The packet with 51 percent share that was acquainted by the government will be given to the state-run Latvijas Hipotеku un zemes banka.

On Dec. 3, a decision to take a control over 84.83 percent of shares of Parex Bank was made at the urgent meeting in Latvia. However, now the issue is to transfer a complete control over the shares. The State also assumed guarantee of syndicated loans of bank.

Parex Bank is the largest bank in Latvia. As for the end of April 2008, bank took the first place due to the volume of attracted investments (with market share of 19.8 percent) and second - due to the number of assets (with market share of 14.4percent).

Parex Leasing & Factoring has been operating since March 2005. The company's authorized capital is $50,000. The leasing portfolio of company totalled $46.9 million in the early August.

Parex Bank's leasing companies function in Moscow, St. Petersburg, Kiev, Minsk, Tallinn and Vilnius.

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