Discussion of Second Stage of Kapital Bank Privatization Begins
Azerbaijan, Baku / corr Trend I.Khalilova / The Azerbaijani Government began discussing privatization for the remaining 50% state share of Kapital Bank, Rufat Aslanli, the Deputy Chairman of the Managing Board of the National Bank of Azerbaijan, said.
According to Aslanli, success in this issue is impossible without joint cooperation. The International Council of Anti-Monopoly Policy is currently carrying out a joint investigation into the air transportation market, telecommunications, cement and grain market (at the proposal of Azerbaijan, the analysis of this market was included on the list).
The meeting concluded on 22 September. The meeting focused on the work experience of the national anti-monopoly body of Azerbaijan in preventing monopoly and unfair competition, establishment of a competitive environment in the cement market, revealing cartels, application of softening programs in insurance and fiscal markets.
"The second stage of the privatization of Kapital Bank will begin soon," Aslanli said. 50%-share is with state property and the State Committee for management of state property holds this stock
Recently, the first stage of privatization of the state-run bank ended and as result, Xalg Bank and Ata Holding each purchased a 20%-share and Azersun Holding acquired the other 10%.
The privatization of Kapital Bank is being carried out in accordance with the Azerbaijani President's decree on Additional measures for deepening reforms in the financial and banking sectors of the Azerbaijan Republic, dated 1 March 2005. The statutory capital of the bank is AZN 24mln after the sale of 50 % shares. The joint capital has been shaped in the amount of AZN 41.3mln.