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Azerbaijani-Pakistani leasing company to open branches in CIS

Business Materials 14 July 2010 11:26 (UTC +04:00)

Azerbaijan, Baku, July 13 / Trend I.Khalilova /

The Azerbaijani-Pakistani leasing company MCB Lizinq plans to expand its activities in the CIS in 2011. Founder and MCB Supervisory Board Chairman Namig Safarov said MCB Lizinq is the only leasing company in the CIS. The company was opened by the Pakistani bank MCB in Azerbaijan. Its first branches outside the country will open in Kiev, Ukraine and Tbilisi, Georgia.

"We plan to open a branch in Kiev in January 2011 and in Tbilisi in March," Safarov said.

The Georgian and Ukrainian markets were selected using the Pakistani bank's' research.

"The Ukrainian market is an interesting for developing leasing," Safarov said. "The Georgian market was selected as there are many Azerbaijani companies there. Accordingly, joining the market will support Azerbaijani capital."

The company intends to increase its authorized capital from $1.5 million to $36 million by late 2011.

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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