Users of factoring service in Azerbaijan unveiled

New banking service is not required in regions yet

Baku. 12 July. REPORT.AZ/Factoring service, which presented to Azerbaijan's market by 'Caspian Development Bank' ('CDB Bank') 2 months ago, is mainly used by the entrepreneurs engaged in the production of food products.

Report was told by Sanan Hasanov, Director of the Business Development Department of the bank.

According to him, they are mainly sweets manufacturers, as well as fresh water producers.

The bank official said that currently, businessmen acting in Absheron peninsula, benefit from the new service, no appeal made from regions: 'Currently, the service covers Baku and Sumgayit cities as well as Absheron region. Our new branch has been opened in Barda recently. We plan extensive presentation of the factoring service in that region, too'.

According to him, totally, 15 entrepreneurs have applied for factoring services.

S.Hasanov also noted that however factoring service planned to a maximum 90 days, many owners mainly use factoring services of 30 and 60 days.

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