Azerbaijani largest bank’s subsidiary doubles capital

Business Materials 2 April 2013 16:22 (UTC +04:00)

Azerbaijan, Baku, April 2 / Trend, I. Khalilova /

Azerbaijani leasing company Joint Leasing plans to double its authorised capital bringing it up to 1.4 million manat.

According to the Azerbaijani State Securities Committee, Joint Leasing registered the company's prospectus of ordinary registered book-entry shares to the amount of 700,000 manat.

Around 3500 shares at par value of 200 manat each were issued. They will be placed by closed subscription.

The Joint Leasing Company was established on June 14, 2007 as the legal successor of Azerilizing. The founders of the Joint Leasing Company are British DH Leasing Ltd. (52.4 per cent) and the International Bank of Azerbaijan (47.6 per cent). The company's authorized capital hits 700,000 Manat.

Joint venture Azerilizing, predecessor of Joint Leasing, is the first leasing company in the country. It was established in 1999 by the International Bank of Azerbaijan and Qarantileasing (Turkey).

In 2002, Qarantileasing suspended its participation in the foundation of the company, leaving Azerilizing to continue to operate as a subsidiary of the IBA.

The portfolio of the Azerbaijani leasing company Joint Leasing hit 35.312 million Manat in 2012, which allowed it to maintain leading positions in the market.

Today, 40 per cent of the portfolio falls to construction, 33 per cent to transport, 20 per cent to the manufacturing sector and seven per cent to other areas.

The company has invested in transport, light, construction, food, health, trade, services, agricultural and banking.

The number of the company's contracts exceeds 200. Around 520 were financed.

The official exchange rate is 0,7846 AZN/USD on April 2.