Finance Ministry to complete capitalization of banks in Mar

Business Materials 11 March 2006 14:53 (UTC +04:00)

The Finance Ministry intends to complete payment of state share in the statutory capital of the Kapitalbank and the International bank of Azerbaijan (IBA) within 5 or 10 days, the Ministry told Trend. It became possible in relation to the Cabinet of Ministers approval of schedule on spending of budgetary funds in 2006.

26.1bn manats will be allocated for capitalization of IBA, 5bn manats - Kapitalbank.

The fulfillment of the state share in the state banks started from December 2005. The Ministry has allocated 39,9bn manats in this regard. 15bn manats is aimed at increase of statutory capital of Kapitalbank, 24.1bn manats - IBA.

The capitalization of IBA is due to be carried out by private physical and legal entities, as 49.8% of the statutory capital belongs to them. The placement of share emissions for these shareholders will be carried out by the Baku Fund Exchange.