Samir Sharifov, the Azerbaijani Finance Minister said that the Azerbaijani Ministry of Finances is considering opportunities for re-capitalization of state-owned banks the International Bank of Azerbaijan and Kapitalbank, Trend reports.
We are considering the issue as shareholders of both banks, as they both have serious disproportion between the amount of the own capital and the amount of assets they own. The bank can more act in more flexible way in the market and put forward an issue on increase of the statutory capital by these banks, the minister noted.
At present the Finances Ministry is a 100%-stockholder of Kapitalbank and holds 50.2% of shares at the International Bank of Azerbaijan (IBA).
The last decision of the re-capitalization of the state-owned banks was taken in December 2005 and as a result of emission the capital of the IBA was increased from 100bn old manats (20m AZN) to 200bn manats (40m AZN), while at the Kapitalbank from 40bn manats (8m AZN) to 60bn manats (12m AZN).