Azerbaijani-Pakistani leasing company postpones plans to open branches abroad
Azerbaijan, Baku, June 1 / Trend, A.Akhundov /
Azerbaijani-Pakistani leasing company MCB Lizinq postponed previously announced plans to open branches in the CIS countries and Georgia, the company's board chairman Ramal Jafarov told Trend on Tuesday.
"Previously we planned to open branches in Kiev and Tbilisi, but later the company's strategic plan was changed. Branches will be opened only after 2012," Jafarov said.
He said by that time markets of the CIS countries and Georgia will be assessed, after which a decision will be made about the location of a branch.
In addition, the company does not plan to open branches in the Azerbaijani regions.
"But that does not mean that we do not work with the country's regions. Though our office is located in Baku, we lease equipment to the regions," Jafarov said.
As of May 31, 2011, the company's leasing portfolio is 2.378 million manat, while by late 2011 it is expected to increase to 5.5 million manat.
The Azerbaijani Tax Ministry registered the company Oct. 15, 2009. Its founders are MCB Bank and Namig 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.
The official exchange rate is 0.7894 manat to $1 on June 1.