Finance Ministry to Pay State Share in Statutory Capital of Azerbaijan International Bank
Azerbaijan, Baku / Trend corr I. Khalilova / Azerbaijani Finance Ministry assigned AZN 15mln in the public budget-2007 to pay a state share in the statutory capital of the International Bank of Azerbaijan (IBA) open joint-stock company, the President of the IBA, Jahangir Hajiyev , has reported. The funds will be allotted in the near future.
The extension of capital is held by the IBA within the framework of the assets emission at the amount of AZN 60mln. Placement of the funds began on the 18th of December, 2006. As a result of, the statutory capital of the IBA will achieve AZN100mln with the nominal value of stock at AZN 0.2.
State share in the statutory capital of the IBA makes up 50.2%. The rest is divided among private juridical and natural individuals. In accordance with the Presidential Decree issued on the 1st of March, 2005, sell of state packet in the IBA can be implemented in parts. The Cost will be defined by auditing of the bank's activities.
According to the head of the bank, the state commission on privatization of the IBA is developing the criteria for denationalization. The process will begin after denationalization of the Kapital Bank, as its privatization has already begun.