Azerbaijan Bank to Summon First Shareholders’ Meeting after Privatization

Business Materials 30 October 2008 14:36 (UTC +04:00)

Azerbaijan, Baku, 30 October/ Trend , corr. N.Ismayilova /Kapital Bank OJSC will hold the first meeting of bank shareholders after privatization in summer 2008.

The meeting is expected to be focused on introduction of changes and supplements into the bank's charter, as well as to choose new management board composition - supervision council and auditor committee, as well as to transfer the power from shareholders to the supervision commission.

The meeting will be held in the head office in 71, Fuzuli street on 11 December 2008 at 11:00AM.

Kapital Bank was established in 2000. Bank's new shareholders are Ata Holding (35%), Xalq Bank (20%), Azersun Holding (15%), Pasha Holding (15%), Xalq Sigorta (7.5%), individuals (5%) and banks employees (2.5%).

Kapital Bank is one of the tenth largest banks in Azerbaijan and takes the sevenths place thanks to the size of the aggregated capital. The bank's aggregated capital made up AZN 40.9mln and authorized capital - AZN 24mln as for the first half of 2008. Bank's assets comprised AZN 285.8mln as for 1 July 2008. Kapital Bank takes the fourth place thanks to profitability of ranking (AZN 5.33mln as for 1 July 2008).

On 30 October, the official currency rate is 0,8087 AZN/USD

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