MCB launches leasing company in Azerbaijan

KARACHI: MCB Bank Limited is launching formal operations of its subsidiary MCB Leasing - Closed Joint Stock Company (CJSC), in Baku, Azerbaijan from July 13, the bank announced in a press statement on Monday.

MCB Leasing will mainly be involved in financial leasing, offering a wide range of leasing products to the growing corporate sector of Azerbaijan. The company would cater to the needs of transportation, logistics, food industry and processing, trade, telecommunications, health, tourism, processing and storage of agricultural products, construction and other promising sectors of Azerbaijan’s economy.

“We endeavour to establish long-term relationships with our customers in Azerbaijan by offering them innovative products coupled with superior customer service and a personal approach to our clients’ financial needs,” said Sibt-e-Hassan Taqi, CFO MCB Leasing.

MCB Leasing was established after obtaining all required regulatory approvals, with a share capital of $1 million. Ninety-five per cent equity shares are held by MCB Bank and the remaining five per cent of shares are held by a renowned Azerbaijani businessman.

The bank said MCB Leasing will expand its financial leasing activity throughout Azerbaijan and will open new sales offices across the country to support these operations.

Published in The Express Tribune, July 13^th, 2010.