Baku, Azerbaijan, Nov. 1
By Azad Hasanli – Trend:
Azerbaijani Bank BTB has established its own leasing company, the Taxes Ministry's 'Vergiler' newspaper reports.
The company named BTB Leasing has an authorized capital of 30,000 manats.
The company’s official representative is Javid Zeynalov.
In addition, another leasing company, PREMIER Leasing, was registered in Azerbaijan with an authorized capital of 100 manats.
Currently, the leasing market in Azerbaijan is almost not regulated by normative documents. Unlike the banking and insurance markets, there are no requirements relating to the amount of the authorized capital or other criteria to companies operating in the leasing market.
However, the situation may change in the near future. The Azerbaijani parliament is discussing a new bill on leasing activity, and the country’s Financial Market Supervisory Authority (FIMSA) jointly with the International Finance Corporation (IFC) is working to introduce mechanisms of supervision over this segment of the financial market.