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Monday, 6 April 2020

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19 June 2013

Inquiry for credit bureau potential operators’ proposals to be made in July

The Executive Committee for First Credit Bureau in Azerbaijan has revised terms of sending the inquiry for proposals (of technical and financial nature) from potential operators of the Bureau.

Teymur Heybatov, representative of IFC-realized project of Azerbaijan-Central Asia Financial Markets Infrastructure (ACAFI), says that the Executive Committee, which approved at its meeting on 16 May the structure and procedure of preparing the inquiry, has raised such issues that demanded more thorough work over the draft inquiry.

"Currently, we are preparing to send out to the Bureau members an updated version of the inquiry. As a result, the Executive Committee may consider and approve it at a meeting in July. After this, the inquiry will be sent formally to potential operators," Heybatov said.

The operators will be given about a month to prepare their final technical and financial proposals.

It is expected that in the autumn it will be assessed the final proposals, which will allow to choose the operator of the first credit bureau in Azerbaijan.

"Inquiries for technical and financial proposals will be sent to all eight organizations, which previously had expressed interest in cooperation as an international technical partner (vendor) for the creation and management of the first credit bureau in Azerbaijan," Heybatov said.

Earlier the sending of the inquiry was scheduled for June.

IFC-realized project of Azerbaijan-Central Asia Financial Markets Infrastructure (ACAFI) with financial support of the Swiss State Secretariat for Economic Affairs (SECO) coordinates the process of credit bureau and creation of relevant legislative and standard base.

To date, the Memorandum of Understanding (MoU) for participation in the establishment and in the equity stakes in the national credit bureau has been signed by 10 banks - AccessBank, AG Bank, DemirBank, PASHA Bank, ASB Bank, Mugan Bank, TuranBank, Bank Respublika, YapiKredi Bank Azerbaijan, and UniBank. By signing the MoU, they undertook a commitment to establish a bureau after the national legislation allows it.

It is expected that originally 10 local founders will get equal participation in the capital of the bureau, and then hand over a part of it to the foreign vendor. According to indicative estimates of the credit bureau structure, its authorized capital was estimated at AZN 2.5 million.