Azerbaijan simplifies sale of collateral
Azerbaijan, Baku, March 19 / Trend A. Hasanov /
The banks are interested in assisting the Azerbaijani Association of Risk Professionals (ARPA) while selling collateral in the country, ARPA project manager Parviz Mammadov told Trend today.
ARPA created a portal on collateral sale - www.girov.az, through which Azerbaijani credit organizations are able to put up ads for selling collateral, which passed into their ownership.
At present, Demirbank, Unibank and AGbank joined the portal.
"At present, the association is negotiating with other interested banks, but they do not hurry, as they want to see the effectiveness of the portal, and then make a decision," he said.
Initially, these services were planned to be rendered on a fee basis, but after the meetings with representatives of banks, a decision was made to launch the portal in a test mode and does not take the fee.
The access to the portal database will be free, advertising - paid. The portal consists of four sections with the ads for selling real estate, vehicles, equipment and business.
Not only banks but also the legal entities having collateral, such as leasing companies, market participants having confiscated property may place ads.
ARPA was registered in mid-May 2009. The structure was created to reduce risks in the financial sector of the country. The Association has already started cooperation with the Central Bank, IFC and GARP.