Azerbaijani leasing company plans to increase portfolio by 13 percent by late 2010
Azerbaijan, Baku, Nov. 2 / Trend A. Akhundov /
The Azerbaijani Texnika Leasing's portfolio reached 3.970 million manat during the first nine months of this year. Texnika Leasing was founded by Texnika Bank, Financial Director Bilal Ruhullazade reported.
He added that the company plans to increase its portfolio to 4.5 million manat by late 2010.
"The expansion of leasing operations is envisaged due to the company's profit," Ruhullazade said.
He noted that its authorized capital is 2.5 million manat.
"Toda,y we have the largest authorized fund among leasing companies in Azerbaijan," Ruhullazade said. "It fully meets our needs. We have no plans to increase it today."
He said the company has 22 operating contracts, and about eight were signed this year.
"About 55 percent fall to construction, 40 percent to shipping, and 5 percent to vehicle leasing," he said.
Ruhullazade stressed that about 80 percent of the company's clients are legal entities.
Texnika Leasing's leasing portfolio exceeds 4.5 million manat. The company provides leased equipment at 19-20 percent per annum for up to three years. The minimum value of the equipment must not exceed 30,000 manat and the initial payment is fixed at 30-35 percent.
The official exchange rate is 0.8005 manat to $1.