Azerbaijan, Baku / Trend corr I. Khalilova / The International Bank of Azerbaijan (IBA) is waiting for the registration of the constituent instruments of AzeriLeasing at the Azerbaijan Justice Ministry for the shareholders of the Joint British Dolphin Leasing company, the Deputy President of the IBA, Vagif Akbarov , reported. The documents also provide the renaming of the company into Joint Leasing Company, though earlier it was planned to take the name of Sinergy .
Dolphin Leasing purchased 50% of the shares of AzeriLeasing and has already introduced a new software which is practiced by leading European companies.
The authorized capital of AzeriLeasing is planned to be retained at the present level ($800,000). In the future it will be increased to correspond to the amount of active operations within the company.
With participation of all co-founders AzeriLeasing has plans to increase the capital up to $3mln.
The leasing portfolio of the company makes up $35mln. "Though the business plan has not been finalized with the new shareholder, we expect the annual rise in portfolio to make up some 20-30%," Akbarov said.
Akbarov believes that after the joining of Dolphin Leasing, the leasing company will be presented with the opportunities of attracting and expanding resources from foreign markets. Presently AzeriLeasing finances leasing operations at the expense of IBA funds.
AzeriLeasing was established by the IBA. The shares in the authorized capital of the company before joining Dolphin were comprised of 90% , the remaining 10% belongs to Business- Rabita communication company of the IBA.