Changes to Capitalbank Charter to be considered at banks’ Supervisory Board next sitting

Business Materials 19 December 2005 15:24 (UTC +04:00)

Holding of the state Capitalbank’s Supervisory Board sitting is scheduled for this week, the government told Trend. The meeting’s agenda includes the issues of approving the bank’s budget for the next year. The 20% -growth of the bank indices is expected in 2006, the Capitalbank’s head said in a statement recently.

As the State Committee on the State Property Management is the bank’s shareholder on behalf of the state, and earlier the Ministry of Economic Development, there is necessity in introducing amendments to the bank’s charter. Besides, the state plans to enhance twice the bank’s authorized capital from 40 billion AZM to 60 billion AZM, which is also to be reflected in the charter. These amendments to the charter are also the subject for discussions of the bank’s Supervisory Board.

Some other internal issues are also included in the agenda.