Azerbaijani leasing company going to expand branch network

Baku, Azerbaijan, May 2

By Emin Aliyev - Trend:

Azerbaijani leasing company - Parex Leasing and Factoring is going to work to expand its branch network.

The director general of the company, Jeyhun Shirmammadov told Trend on Friday, May 2 that the company's plans include opening branches in Ganja and Shaki cities of Azerbaijan in the years to come.

"Ganja is a priority in our expansion towards the regions - the market there is also quite rich and this city will be the first one to accommodate Parex Leasing branch in 2015," Shirmammadov said.

He went on to add that Parex intends to grow in quantity and quality.

"The development will be accompanied by an increase in staff too - now the company employs 15 people and the staff will be increased more than threefold in order to achieve the prospective objectives. Our goal is to become one of the strongest companies in this area in five years," Shirmammadov added.

Parex Leasing and Factoring has been working in the Azerbaijani market since 2005.

At that time it was a subsidiary of the Latvian bank Parex and until 2008 it developed under the bank's leadership.

The subsidiaries of the Parex bank were put up for sale in 2011, and the leasing company in Azerbaijan was purchased by a private investor from Europe.

Translated by E.A.

Edited by C.N.

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