Azerbaijan President, Ilham Aliyev issued an order on measures to be taken to privatize Kapital Bank OJSC, Trend reports. In accordance with the Presidential Decree of March 1, 2005 on additional measures on deepening reforms in the financial and banking systems of the country, a decision on doubling the authorized capital of the Bank through the additional issue of its shares was taken.
The process on appraising the financial and economical activity of Kapital Bank has been launched in order to prepare for the privatization of the state-controlled stake.
In his today order, the President ordered to carry out sale of a new issue of the shares.
The State Property Committee together with the Finance Ministry and the National Bank of the Country were commissioned to determine conditions and criteria on the selection of a buyer by taking into account the economic interests of the country. The criteria should be fixed with taking into consideration proposals put forward by a consultative company and in accordance with the requirements of Bill On Banks.
The increase in the capital of Kapital Bank will be carried out in order to reduce the state-controlled participation in the capital of the Bank from the existing 100% to 50%. Ernst&Young is the consultant on the privatization of the Bank.