Number of NBCOs with right of pledge ups in Azerbaijan

Business Materials 3 September 2011 17:37

Azerbaijan, Baku, Sept. 3 / Trend N. Ismayilova /

Another non-banking credit organization (NBCO) - VISA was registered in Azerbaijan with the right of pledge while giving loans, the official website of the Azerbaijani Ministry of Taxes said.

The organization was founded by Jeyhun Mehdizade and Yashar Mammadov. They are members of the supervisory board. Shahin Huseynov is the legal representative of the company. The organization was registered for commercial activity on August 10.

The authorized capital of the non-banking credit organization is 300,000 manat.

The minimum requirement to the authorized capital for NBCO having the right of pledge while giving loans, is fixed at 300,000 manat, and for credit organizations without this right - 30,000 manat in accordance with the rules of the Azerbaijani Central Bank, developed on the basis of the new law "Non-bank credit organizations".

As of late Jan.-June 2011, the number of non-bank credit organizations (NBCOs) operating in Azerbaijan amounted to 114 compared to 101 as of late 2010. The number of credit organizations, financed by the international humanitarian organizations, hits 24.