ALCA to expand in 2011

Business Materials 12 May 2011 12:27 (UTC +04:00)

Azerbaijan, Baku, May 12 / Trend E.Ismayilov /

The Azerbaijani Leasing Companies' Association (ALCA) expects to expand its membership, the Head of ALCA Elchin Ahmedov said.

"We would like the number of our members to expand, especially with the leasing companies that entered the market in 2009-2010," he said. "They are also interested in membership in the ALCA, but have not yet made a final decision."

Today the association has nine full members and two observing members.

"We want to address the expansion issue in 2011," he said.

Ansar Leasing, established by the Islamic Corporation for Development of the Private Sector (ICD is a member of the Islamic Development Bank), began to operate on June 29, 2009. The company leases vehicles, construction machinery, equipment, and plans to expand its activities in the field of real estate leasing.

MCB Leasing was established in October 2009. The controlling shareholder of the company is a major Pakistani bank, MCB Bank Limited. The company is involved in the non-oil sector of the economy: transportation, trucks, food industry, processing, trade, telecommunications, tourism, agro-processing and construction.

The Association was established by Ataleasing, Unileasing and Muganleasing companies on Oct. 27, 2004, as part of the IFC project on technical assistance for Azerbaijan's leasing development. The Azerbaijani leasing market is represented by 22 lessors, but only 11 companies and banks providing leasing services are active in the market.

The Association members include the joint leasing company AG Leasing, AtaLeasing, DemirBank, Bank of Baku, Credagro, UniLeasing, Standard Leasing, Qafqaz Leasing and the observers ASB Bank and NIKOIL Leasing.