Pakistani Nishat Group interested in participating in banking and energy sectors of Azerbaijan

Business Materials 14 July 2010 11:57 (UTC +04:00)

Azerbaijan, Baku, July 14 / Trend I.Khalilova /

Pakistan's MCB Bank is interested in entering the banking market of Azerbaijan, MCB Lizinq Supervisory Board chairman Mansha Mian Mohammad Yahya in Baku. The company belongs to the Nishat Group.

"Today the bank has its branch network and offices in Bahrain, Dubai, Sri Lanka, and now we are considering the possibility of enetring the banking sector in Azerbaijan and in African countries," Yahya said.

The MCB implemented first investment in the leasing sector in Azerbaijan. Pakistani bank has established a joint leasing company MCB Lizinq, which began its activities July 13, 2010.

Nishat Group is also interested in participating in other sectors of the Azerbaijani economy given the experience in power generation and alternative energy sources (wind power), he added.  

"Given the appropriate conditions for electricity production in Azerbaijan, we are also interested in expanding our activities in the country's energy sector," Yahya said.

MCB Lizinq Board Chairman Raman Jafarov said the main purpose of Nishat Group is to establish a large financial institution in Azerbaijan, which can bring together the leasing, insurance companies, banks and other companies of investment banking activities.

The Azerbaijani Tax Ministry registered the company Oct. 15, 2009 with an authorized capital of 4,000 manat. Its founders are MCB Bank and Safarov.

MCB Bank has assets of $6 billion and 1,500 branches in eight countries. The company belongs to the Nishat Group, whose core business is textiles and manufacturing for global brands.

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