Baku/19.04.17/Turan: Founding documents on the creation of the first private credit bureau (PCB) in Azerbaijan were signed on Wednesday. The representative of the International Finance Corporation (IFC), Teymur Eybatov, said at the event that the documents were signed between the Icelandic organization Creditinfo and 21 Azerbaijani organizations. Among local organizations, except banks, there is one credit organization and one insurance company.
51% of the share will be owned by the Icelandic organization Creditinfo Group, and 49% by other participants. The authorized capital of PCB will be 2.2 million Euros. A Board of Directors of a bureau of 9 people was elected. Elchin Ahmedov was elected the General Director.
Deputy Executive Director of the Chamber for Supervision of Financial Markets Asim Zulfugarov said that the establishment of the PCB will contribute to ensuring financial stability and developing the effectiveness of financial institutions.
"At present, the credit history of 36% of the adult population of Azerbaijan is collected in a centralized credit registry. After the creation of the PCB this figure will increase," he said. The permanent representative of the International Finance Corporation (IFC) in Azerbaijan, Aliya Azimova, noted that the PCB will ensure the effectiveness of risk management.
"We hope that PCB will serve structural reforms in the financial sector," she said.
The founder and head of Creditinfo, Rainir Gretarsson, said that the PCB will have more sources of information and more users than the state credit bureau. The office will receive information from leasing companies, mobile operators and public utilities.
"All debts will be listed in one file, which will help financial structures and lenders to effectively assess the risks. This will also help reduce costs, increase the availability of credit products," he said.
The president of the Association of Banks of Azerbaijan, Zakir Nuriyev, in his turn said that at the first stage the banks will be the recipients of the credit information. "In the future, we will try to make the recipients of credit information also the communal sector," he said.
The law "On Credit Bureaus" was adopted in 2016. Credit bureaus is an information base for banks and other lending institutions on information about those wishing to obtain a loan. -71D-
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