Kapital Bank Reconsiders Strategic Development Plan for 2007-2009

Business Materials 13 February 2007 14:26 (UTC +04:00)

The State Kapital Bank of Azerbaijan is preparing to begin work on a new strategic plan for the next three years (2007-2009). The Chairman of the Executive Board of the Bank, Rauf Rzayev, stated that the previous plan had been devised in 2004, but the forecasts predetermined in the plan do not reflect in real terms the Bank's development, Trend reports. According to him, the results of 2006 show that the forecasts have been over-fulfilled.

The forecast of the assets for 2007 have been made at the level of AZN 170 mln, but at least AZN 20 mln is expected to be received from the privatization of the Bank. The new strategy of the Bank will be based on common economical forecasts of the country. This year 15-20% growth has been intended for all banking forecasts. The market share of the Bank is planned at 5%, but the share of Kapital Bank in several parts of the market of the financial services (plastic cards) will reach 30%.

As an agent of the Government in realization of social and economical projects, Kapital Bank plays an important role in the payment system and economy of Azerbaijan, stated a report of the International Rating Agency Moody's.