Market participant: Azerbaijan’s leasing market is far from being saturated

Business Materials 15 November 2013 17:33 (UTC +04:00)

Baku, Azerbaijan, Nov. 14

By Emin Aliyev - Trend:

The Azerbaijani leasing company, Joint Leasing is planning to bring its portfolio up to 35 million manats (approx. $44 million) by late 2013, the company's Director General, Elchin Ahmadov said on Nov. 14 at a press conference.

"Currently, our portfolio is about 32 million manats and a figure of 35 million seems achievable for us," he said.

According to him, the number of leasing company customers in the country has increased in recent years.

"In addition, customer quality has improved - they have become more demanding and selective. Our task is to meet their demands and provide products that are attractive from all points of view. Currently, we own over 30 percent of the leasing market in Azerbaijan," Ahmadov said.

According to him, the domestic leasing market is far from saturated [its annual output reaches $250 million].

"I can distinguish two major players, for example, the state Agrolizing JSC, which is focused on the agricultural sector. At the same time, there is an interest of foreign companies in the leasing market. They are ready to offer Azerbaijani customers new products and interesting financial schemes. We are conducting talks with two foreign partners, and I believe that there will be positive results and good news in 2014," Ahmadov said.

Joint Leasing has been operating since June 14, 2007 as the legal successor of the Azerlizing company. The founders of the Joint Leasing are the British company Dolphin Leasing (52.3 per cent) and the International Bank of Azerbaijan. First Leasing Company of Azerbaijan - JV Azerlizing- was created in 1999.

The official exchange rate for November 15 is 0.7844 AZN/USD.