TODAY.AZ / Business

50%-stake in Kapital Bank to be privatized

09 February 2007 [14:42] - TODAY.AZ
Azerbaijan State Agency for Public Property Management, Finance Ministry, Economic Development Ministry, National Bank and other relevant bodies have prepared a package of proposals on privatization of 50% of the state owned Kapital Bank.

Committee Chairman Karam Hasanov said propositions have been prepared to double the Bank's authorized capital to AZN 24mln, to have privatization appraised by a consulting company, to float newly issued bonds. He said privatization will be complete this year.
In Azerbaijan there are two state-owned banks –the International Bank of Azerbaijan and Kapital Bank. The State holds a 50.2 stake in the authorized capital of the IBA, and 100% of the Kapital Bank, APA reports.


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