Commission on Privatization of State-run Bank About to Conclude its Work
Azerbaijan, Baku / corr Trend I.Khalilova / Rauf Rzayev, the chairman of the state-run bank Kapital Bank, stated to a news conferencet that the competition commission on privatization of the Azerbaijani state-run bank Kapital Bank is about to conclude work over definition of criteria on selection of participants in auction.
Once the commission concludes its work the stock of Kapital Bank will be put for auction. In compliance with the relevant decree by the Azerbaijani President, dated 1 March 2005, it is planned to sell 50% of the state-run stock through the auction. It will be carried out through additional issue of stock, after the sale of which the capital will be doubled.
According to Rzayev, the stock of the bank will be sold at the price higher than the nominal. "They are sold on five lots and every lot can be acquired only by one investor," he said.
In accordance with criteria of selection, shareholders of investors should be involved in money laundry and their activities should be transparent.