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Thursday, January 18, 2018

Azerbaijan credit bureau to decide on operator in April

The First Credit Bureau in Azerbaijan's executive committee plans to select the bureau's operator in April, according to a representative with the project.

Teymur Heybatov, a representative of the Azerbaijan-Central Asia Financial Markets Infrastructure, said on Monday that the final choice has not been made. The International Finance Corporation contributed to the realization of this project, reports.

"The question is serious and requires special care," Heybatov said, according to "The executive committee continues to assess, and it is unlikely to finish this process until April, given the upcoming Novruz holidays in the country."

The committee began the final assessment of the bids by Italy's CRIF and Iceland's Creditinfo on February 22.

The chosen operator will be offered a 51 percent stake in the bureau's capital. The rest will be shared on a parity basis among the members of the executive committee.

The committee established the procedure for the review and evaluation of submitted proposals on July 10. The final verdict on the selection of the credit bureau's operator will be made by all 10 members of the executive committee, each of whom will get one vote.

The memorandum of understanding for participation in the establishment and the equity stakes in the national credit bureau was signed by 10 banks, including UniBank, YapiKredi Bank Azerbaijan, Bank Respublika, TuranBank, Mugan Bank, ASB Bank, PASHA Bank, DemirBank, AG Bank and AccessBank, reports.