ECONOMY
AUTHORIZED CAPITAL STOCK OF BUSB – 40 BILLION MANATS
He reported that BUSB’s assets amount to 200 billion manats. According to him, to greater part of these funds bring profits. Because of profits the amount of authorized capital stock reached 40 billion manats. He said that the Bank’s license is limited that is why it can place funds no more than 25 billion manats. The bank has paid over 14 billion manats to the state budget for 4 years.
Touching upon the investment program for 2004-2005 he noted that banks plans to invest much money in development of the bank.
He reported on the automation of the account book, organization of the transfers system among the branches and completion of the recently announced competition for the software. He said the competition winner would be soon announced in accordance with World Bank’s judgment.
He also said that BUS bank would turn into one of the world’s most highly equipped financial organizations.
Z.Zeynalov mentioned that BUS Bank is ready for privatization.