Kapital Bank aims at supporting stability and reliability of Azerbaijan's financial system

Kapital Bank aims at supporting stability and reliability of Azerbaijan's financial system

Azerbaijan, Baku, July 30 / Trend N.Ismayilova /

The strategic objectives set for Azerbaijani Kapital Bank, are to gain a leading position in the banking sector, as well as to support for stability and reliability of the national financial system, deputy chairman of the bank's board Yashar Mammadov told Trend.

"The bank's strategic goals also include such principles as transparency, effective management, risk control and corporate governance," he said.

He said that Kapital Bank also aims to actively participate in the programs of social and economic development of regions.

"Moreover, the bank intends to show an appropriate approach to clients' needs, to maintain its image in the international arena, as well as to expand relations with major international financial institutions," he said.

He said that the bank aims at using technologies and innovations to provide modern banking products and services.

The bank has 89 branches and 11 offices in the country.

The bank has an extensive network of correspondent accounts at leading world banks. International relations development opens new opportunities for the bank's clients.

Fitch Ratings affirmed the Azerbaijani Kapital Bank's long-term foreign currency Issuer Default Rating (IDR) at 'B+', with Stable Outlook.

This follows the revision of the Outlook on Azerbaijan's sovereign Long-term 'BBB-' IDR to Positive from Stable.

Kapital Bank's 'B+' long-term IDR reflects Fitch's view of the moderate probability of support being available from the Azerbaijan authorities in case of need, in view of the bank's important role in distributing pensions and other social payments through the largest branch network in the Azerbaijan.

The affirmation of the Stable Outlook reflects the fact that the Bank will probably not be upgraded if Azerbaijan's sovereign ratings are upgraded.

The main shareholder of Kapital Bank is Pasha Holding, which owns 97.75 percent of shares. Kapital Bank had been fully under state property until the summer of 2008.

Assets of Azerbaijani Kapital Bank have increased by 11.8 percent in the first half of 2011 to 874.4 million manat as of July 1, 2011. Total aggregated capital totaled 71.88 million manat and the share capital was 30 million manat on July 1.

The official rate is 0.7866 AZN per USD.

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