Azerbaijan, Baku, June 5 / Trend , I.Khalilova/
Staff changes in the Azerbaijan's banking sector, which have been launched last year, still continues. Rauf Rzayev, president one of the largest banks in Azerbaijan Kapital Bank, which had been a state bank until summer 2008, resigned due to expiration of the term.
On Aug. 4, 2004, Rzayev was appointed as President of the BUS Bank (current Kapital Bank) by the decision of the meeting of shareholders of the United Universal Stock Bank.
Rzayev is characterized as a major banking specialist in the banking sector. Having progressed from junior economist to the chairman of board, he thoroughly studied the banking sector. Since early 1990, he worked as second category economist in the Azerbaijani branch of the Soviet Foreign Economy Bank. Since 1992, Rzayev worked as the chief of the International Accounts Department, after liquidation of the Azerbaijani branch of the bank. The International Bank of Azerbaijan was founded on the basis of liquidated Azerbaijani branch of the Foreign Economy Bank by the decision of the Cabinet of Ministers of Azerbaijan. Rzayev was appointed as the chief of the Export and Import Operations Department, as well as Acting Director of the International Accounts Department. Since May 1995, Rzayev was appointed as deputy chairman of the International Bank of Azerbaijan Board.
Elmar Mammadov, first Vice President, is temporarily acting president of the bank after Rzayev's resignation.
The candidacy of a new president to Kapital Bank will be considered at the meeting of bank's shareholders on June 9.
Kapital Bank was privatized through two stages in 2007-2008.
The organization of bank's shareholders was changed after privatization of Kapital Bank. Bank's shareholders are Pasha Holding - 97.5 percent and 2,400 employees of the bank own 2.5 percent of shares.
Bank has 87 branches in regions, two independent offices and 97 ATMs, as well as 12 exchanges. Bank will extend activity abroad and will open two representatives in CIS countries.
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