Azerbaijan, Baku, Dec.17 / Trend , corr. N.Ismayilova /"Under the decision of the special (the first after complete privatization) meeting of Kapital Bank CJSC Vadim Shneyr, the representative of Pasha Holding, was elected as the chairman of the Supervision Board of the bank," Rauf Rzayev, the chairman of the board of Kapital Bank, said.
The changes and addition into the regulations of shareholding company, election of a new composition of the governing bodies, Supervision Board and Auditory Committee, new rules of activity of general meeting, Supervision Board, Auditory committee and board of bank and other issues were included into the agenda.
According to Rzayev, bank's shareholders will again meet within the next 45 days to discuss the further activity of bank, as well as to approve the development strategy for 2009.
The complete privatization of the former state Kapital Bank was carried out through two stages 2007-2008.
With sale of state set of stocks of 50% shares of bank (first stage) on rating only shares were sold, intended for members of working association - 2.5% of shares of bank were acquired by 2,800 people, who paid on the average on AZN240. Free sale of securities to individuals and legal entities was achieved with reward, which composed approximately 2.6-2.7 times to the rating of shares, which exceeds the reward during the arrangement of emission of shares for doubling of capital of bank for the purpose of reduction in the state share to 50%.
Sale of the entire state set of stocks resulted in the following shareholding structure of the bank: 35% of Kapital Bank's stocks belong to AtaHolding, 27.5% to Xalq Bank/Xalq Sigorta, 15% to Azersun Holding, 15% to Pasha Holding, 5% to individuals and 2.5% to the personnel.
Prior to privatization, Kapital Bank had a staff of 2,458 people. As a result
of 2007, assets of the bank amounted to AZN 249.47mln, credit portfolio - AZN
107.51mln, liabilities - AZN 209.56mln, balance capital - AZN 39.81mln,
aggregated capital - AZN 35,429mln, paid statutory fund - AZN 24mln.
The first stage of privatization of KapitalBank's state shares yielded $28,236mln at current rate. As a result of sale of 1.2mln of shares with the face value of AZN 10 each and with the total face value of AZN 12mln, proceeds made up AZN 24mln.
Full privatization of
Kapital Bank OJSC has not impacted on its capitalization, and the authorized
capital of the bank remained the same - AZN 24mln. Shares of the bank were sold
at par, but as the first stage of privatization (sale of 50% of the state
share) was accompanied by additional stock issue, that led to a doubling of the
authorized capital. At the second stage (selling of remaining 50%), the State
sold its share in the current capital. Thus, proceeds from the sale of the
state stocks in the bank (each stock's face value AZN 10) made up AZN 24mln.
At present, the bank has 87 branches, two independent offices, 97 cash offices
subordinated to the branches, as well as 12 exchange points, countrywide. The
bank intends to expand its activities abroad and to open two representative
offices in CIS countries.
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