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More private credit bureaus may appear in Azerbaijan [UPDATE]

9 February 2018 17:52 (UTC+04:00)
More private credit bureaus may appear in Azerbaijan [UPDATE]

By Trend

Any legal entity or individual has the right to establish a private credit bureau in Azerbaijan, considering compliance with the country's legislation, Zakir Nuriyev, head of the Azerbaijan Banks Association, said Feb. 9 at a press conference on the launch of the first private credit bureau in Azerbaijan.

He said that the current legislation in Azerbaijan doesn’t limit the number of private credit bureaus in the country and their number may increase in the future.

Private credit bureau is a commercial organization and it renders services on the basis of a signed contract, he added.

The charter capital of credit bureaus in Azerbaijan must be at least two million manats.

In December last year, Azerbaijani banking market participants made a decision to create Azerbaijan Credit Bureau LLC. Chairman of the Board of the International Bank of Azerbaijan Khalid Ahadov was elected Chairman of the Supervisory Board of the Azerbaijan Credit Bureau.

The founders of the Azerbaijan Credit Bureau LLC are the International Bank of Azerbaijan, Bank Respublika, Xalq Bank, Kapital Bank, PASHA Bank, Rabitabank, Unibank and Ziraat Bank Azerbaijan.

The private credit bureau will contain more information than the Centralized Credit Registry and cover a bigger number of borrowers. The bureau will receive information not only from banks, but also from insurance and leasing companies, mobile communication operators, etc.

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