Azerbaijan, Baku /corr. Trend I.Khalilova / The Finance Minister of Azerbaijan, Samir Sharifov, said on 27 September that the Government of Azerbaijan expects to receive more than AZN 30mln from the privatization of the remaining 50% State share in the authorized capital of Kapital Bank.
The State budget did not receive transfers from the first stage of the Kapital Bank's privatization because the first stage was aimed at doubling the Bank's authorized capital.
"The transfers to the State budget will depend on the prices through which the State Committee on Management of State Property will sell the remaining 50% State share in the authorized capital of Kapital Bank," the Minister said.
AZN 30mln have been intended to be received from the privatization of Kapital Bank. However, according to the Minister, they are envisaged to be received not from the sale of Kapital Bank, but from other types of activities. According to him, more amounts will be received from the sale of Kapital Bank.
In addition to State, the shareholders of the Kapital Bank are the Xalg Bank (20%), Ata Holding (20%) and Azersun Holding (10%).
The privatization of Kapital Bank is carried out according to 1 March 2005 Presidential decree on additional measures on strengthening reforms in the financial and banking spheres of Azerbaijan. Currently (after sale of 50% share), the authorized capital of the Bank amounts to AZN 24mln. The aggregate capital totals AZN 41.3mln.
As of 1 September 2007, the assets of the Bank amounted to AZN 200mln, credit portfolio - 42-43% of the assets and deposit portfolio - AZN 70mln.
