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Head of Azerbaijan's first private credit bureau appointed (UPDATE)

(MENAFN - Trend News Agency ) Baku, Azerbaijan, Apr. 19

By Azad Hasanli – Trend:

Elchin Ahmadov, former advisor to the chairman of the board at the International Bank of Azerbaijan (IBA), was appointed as executive director of the company Creditinfo Azerbaijan, which will become a manager of Azerbaijan's first private credit bureau, said CEO of Creditinfo Group Reynir Gretarsson on Apr. 19.

He was addressing an event in Baku dedicated to the establishment of the first private credit bureau in Azerbaijan.

Gretarsson noted that the company's Board of Directors includes nine people.

He said the credit bureau will receive information not only from banks but also insurance and leasing companies, mobile operators and others.

'The private credit bureau will help credit institutions reduce their costs, better assess risks and increase the availability of credit products [for the population],' he added.

At the moment, 21 organizations are on the list of the credit bureau founders. They are 19 banks, one insurance company and one non-bank credit organization. The list of founders also includes a technical partner – the Creditinfo company, which owns 51 percent of the bureau's shares.

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Head of Azerbaijan's first private credit bureau appointed (UPDATE)