Azerbaijan, Baku, July 14 / Trend I.Khalilova /
The Pakistani MCB Bank entered the market of Azerbaijan for the first time in the post Soviet space by establishing a joint leasing company. Joining of the Pakistani leading bank with total assets of 6 billion to the Azerbaijani financial market is the result of cooperation between the two countries, MCB Lizinq company chairman Ramal Jafarov said.
"The main mission of MCB Lizinq is to assist in the development of non-oil sector through the provision of leasing services, both in production and in the commercial sphere," Jafarov said.
Pakistani Ambassador to Azerbaijan Abdul Hamid believes the occurrence of MCB on the Azerbaijani market can become an example for other investors from Pakistan.
"MCB enters in a large group of companies Nishat Group, which specializes in different areas, so let's hope that in future other group companies will also be presented in Azerbaijan," Hamid said.
MCB Lizinq Supervisory Board chairman Mansha Mian Mohammad Yahya also expressed the hope that in future Nishat Group, specializing in the textile sector, insurance and banking sectors, industrial production, may enter into these sectors in Azerbaijan. Nishat Group produces six million tons of cement and 10 percent of electricity production in Pakistan accounted for by the group, he said.
"We can also arrange trainings for staff of the banking and insurance sectors of Azerbaijan", Yahya said.
MCB Lizinq Supervisory Board member and founder from the Azerbaijani side, Namig Safarov said Azerbaijan has created favorable conditions for foreign investment, and $ 80 billion so far invested in the Azerbaijani economy is an impressive sum. Creating MCB Lizinq, which accounts for the bulk of Pakistan's investment, will support the development of various sectors of the Azerbaijani economy.
"This is the first project with the MCB not only in Azerbaijan but also in general, the CIS, but in the future we plan to expand its activities," Safarov said.
The Azerbaijani Taxes Ministry registered the leasing company Oct. 15, 2009 with an authorized capital amounting to 4,000 manat. The founders of the MCB Lizinq are Pakistan MCB Bank LTD and Namiq Safarov.
MCB is one of the leading banks of Pakistan. The Bank has a customer base of about 4 million people . MCB Bank has assets amounting to $6bln, 1,500 branches, and represented in eight countries. It is a company of Nishat Group, whose core business is concentrated in the textile industry and manufacturing products for leading global brands.
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