Potential shareholders of first private bureau to discuss legislation in Azerbaijan
Azerbaijan, Baku, July 17 / Trend A. Hasanov /
The first meeting of potential shareholders of the credit bureau will be held in early August to discuss the bill, IFC project coordinator in Azerbaijan Teymur Heybatov told Trend today.
"The meeting will be held with the participation of those who have expressed a desire to become a shareholder of the first credit bureau in Azerbaijan," he said. "But in principle we are open to new participants in the financial market."
It is planned to complete developing the bill regulating the activity of private credit bureaus by late October. The Central Bank and Financial Corporation agreed to sign a road map for improving the legislation on credit information. A working group consisting of three representatives of the financial corporation and two representatives of the central bank was created to develop the bill.
He previously told Trend that the banks wishing to become shareholders of the first credit bureau in Azerbaijan, must send a notice of readiness to sign a Memorandum of Understanding to the International Finance Corporation by July 31.
"We understand that it is necessary to get the consent of the Supervisory Board and the shareholders to sign this memorandum," he added. "Therefore, taken all this into account, we offered the banks to send us a notice by late July."
He said that after receiving a notice, IFC will prepare the appropriate contract and send it to the banks, which have expressed a desire to become shareholders of the credit bureau, for signing.
Regarding the issue of attracting a technical partner, Heybatov said that first, it is necessary to discuss several issues with the banks. Afterwards, IFC will prepare a request for technical partners (document with the technical requirements), which will then be sent to the banks-shareholders.
A "round table" was held for potential shareholders of the credit bureau on July 5. There were ten banks, which positively evaluated the idea of establishing a credit bureau.
A centralized credit registry has been operating under the Azerbaijani Central Bank since 2005. The database of the credits granted by banks and non-bank credit organizations has been formed there.