Azerbaijani leasing company to increase portfolio
Azerbaijan, Baku, Oct.27 / Trend, A. Akhundov /
After a change of ownership, the Azerbaijani Parex Leasing and Factoring plans to increase its portfolio by 20 percent in 2012, CEO Igor Osipenko told Trend on Tuesday.
"The volume of the portfolio has now hit $10.2 million. Parex Leasing has about 220 active contracts," Osipenko said.
Last week, the Latvian Parex banka has sold a 100-percent share in the Azerbaijani leasing company Parex Leasing and Factoring to the Dutch SWITLAR Investments.
He said since 2008 the company has not actively operated.
According to Osipenko, the company will resume its vigorous activity at new owners' request in the near future.
"We will soon carry out the analysis of the existing situation with the new owner, consider the company's financial ability, and define the nature of further actions," Osipenko said.
The sale of the company was associated with the division of the Latvian bank's assets as a result of which two banks - Parex banka and the new Citadele banka - were established.
Citadele banka is a credit institution established within the restructuring plan of Parex banka and its founder Privatizācijas aģentūra. On Aug. 1, the bank passed the process of dividing assets and Citadele banka was established.