Azerbaijani leasing companies start applying for collection services

Business Materials 22 July 2014 17:14 (UTC +04:00)

Baku, Azerbaijan, July 22
By Zulfiyya Gurbanova - Trend:

Following the banks, Azerbaijani leasing companies began to apply for the services of a collection agency to collect their debts, director of sole "BOA" collection agency in Azerbaijan Samir Mustafayev told Trend.

"At present, the agency cooperates with two leasing companies, and negotiates with one more company," he said.

Furthermore, "BOA" cooperates with four major banks, but this list is expanding and currently negotiations are being held with another bank according to Mustafayev.

As the director of the agency noted the current portfolio of "BOA" makes up about 20-25 million AZN, but talking about how much volume it will reach by the end of the year, is impossible.

"The sphere of our activity is specific. Therefore, we can not say what volume our portfolio can reach for any time period. This does not depend on us, but on the state of the debt market and customer applications," Mustafayev said.

There are five major retail chains and about 50 individuals among the clients of the agency, he said.

"A lot of complaints received from individuals, most of whom we refuse to provide services, because the debt is not issued," he noted.

Director of the agency also noted that about 700,000 AZN out of the total portfolio accounted for the share of individuals, the rest were legal entities.

"BOA collection agency " LLC was registered in the Azerbaijani Ministry of Taxes on December 19, 2011, and has begun to work at the end of 2012.

The official exchange rate on July 22 is 0.7843 AZN / USD.

Edited by CN