Bank Standard reaches 15m AZM of founding capital in the second quarter
Bank Standard is planning to expand its founding capital on 50% or 15m AZM in the second quarter of this year, the bank` s vice depute, Javid Guliyev told at his press-conference on April 17, Trend reports. The current founding capital amount is 13.072m AZM being 8% more than at the end of 2005. The increase of founding capital will not affect the shareholders structure and the sole shareholder of the Bank is still AB Standard.
Plans for future capitalization depend on strategic tasks for 2006. In particular, there are plans to create more branch offices in 2-3 months. New offices will opened in Baku and Sumgayit. Bank Standard already has 8 branch offices (6 in Baku and one in Lenkoran, Ganja and Siazan).
The highest objective for the bank today is keeping the position of the largest private bank. The final figures of the market share that bank has will be released after the end of audit conducted by the audit company,
Price WaterhouseCoopers. However, the growth tendency is anticipating all expectations of shareholders and bank` s managers, he said. Today it is absolute leader among the private banks on the loan portfolio, assets, attracted finances and founding capital.
Bank` s assets for the first quarter have grown on 16% (15.314m AZM) and the amount of provided credits 53.636m AZM (with 16% growth), total amount of deposits 101.154m AZM (16%), the amounts on clients accounts 55.686m AZM (8%) and the pure revenue before taxation 894.000 AZM