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Creditinfo Selected Operator of First Credit Bureau in Azerbaijan

The chairman of the Board of Directors of the Financial Markets Supervision Chamber Rufat Aslanli discussed this issue with the banking community.

Aslanli backed the initiative of private credit bureau. He called for inclusion of non-bank credit organizations, systems of utility payments, mobile operators and large retail chains in its system in addition to banks.

Credit Bureau Executive Committee's member banks informed the regulator that they selected Icelandic company Creditinfo as a technical partner (vendor). The vendor will be one of the main shareholders of the Bureau.

The Credit Bureau is maintained by the International Finance Corporation (IFC), which renders technical support for the project.

The Committee includes 14 leading financial organizations of Azerbaijan – 12 banks and two non-bank credit organizations (Finca; Azercredit).

Among the Committee's member credit institutions are Accessbank, Azerbaijan Senaye Bankı (ASB Bank), AGBank, Bank Respublika, DemirBank, Kapital Bank, Muğan Bank, PASHA Bank, Turan Bank, YapıKredi Azerbaijan, UniBank, Bank of Baku.

The operator will be offered a 51% stake in the Bureau's capital. The rest of the participation will be shared on a parity basis among the members of the Executive Committee.

Source: ABC 

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