Privatization of Azerbaijan’s State Bank Does Not Affect its Capitalization
Azerbaijan, Baku, 11 July / Trend corr I.Khalilova/ "Full privatization of Kapital Bank OJSC has not affected its capitalization and its authorized capital remained as previous - AZN 24mln," Director of Marketing & Strategic Development of Kapital Bank Samira Sharifova said on 9 July.
"Bank's stocks were sold at face, but since the first stage of privatization (sale of 50% of state share) was followed by additional stock issue, bank's authorized capital doubled. At the second stage (sale of remaining 50%), the State sold its stocks in the acting capital," Sharifova said.
Proceeds from sale of state stocks, with each stock's face value of AZN 10, totalled AZN 24mln.
Final structure of stockholders after full privatization of Kapital Bank: AtaHolding (35%), Xalq Bank (20%), Pasha Holding (15%), Azersun Holding (15%) and Xalq Sigorta (7.5%). Remaining stocks was distributed amongst individuals and employees (5% and 2.5% respectively).
Kapital Bank's assets totalled AZN 249,466,000 by 1 January 2008, liabilities - AZN 209,555,000, balance capital - AZN 39.81mln, authorized capital - 35.429mln. Bank employs 2,458 people.
Kapital Bank includes 87 branches, 2 independent offices and 97 offices subordinate to branches, as well as 12 exchange points. The bank intends to expand its operation outside Azerbaijan and to open two offices in CIS.
On 9 July, official exchange rate totalled 0.8094 AZN/USD.
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