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Last week’s laws, orders and decrees in Azerbaijan (Oct. 24-28)

Analysis Materials 31 October 2016 17:02 (UTC +04:00)

Azerbaijani Parliament passes law "On private credit bureau"

The Azerbaijani Parliament passed the law "On private credit bureau".

The private credit bureau helps financial institutions make rapid and correct credit decisions, by increasing availability of financial services for private customers and small and medium-sized enterprises in the region.

The credit bureau will collect credit information from such financial institutions as leasing companies, organizations, dealing with microlending, non-financial organizations, including utilities and telecommunications companies, trade facilities selling goods on credit, and so on.

At the moment, the list of founders of the credit bureau consists of 13 banks and two non-bank credit organizations. Among them are Access Bank, AGBank, Azerbaijan Senaye Banki, Bank Respublika, Demir Bank, Muganbank, PASHA Bank, Turan Bank, Yapı Kredit Bank Azerbaijan, UniBank, Kapital Bank, Bank of Baku, Expressbank, Finca Azerbaijan and AzerKredit.

Along with them, the list of founders will include technical partner – Creditinfo company, which will hold 51 percent of shares of the credit bureau. The initial amount of the share capital of the bureau will be 2.2 million euros.

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