State shares in banks transferred to the Agency for Management of State Assets

Shareholdings in the authorized capital of commercial banks and insurance companies that were previously owned by the Ministry of Finance were transferred to the Agency for Management of State Assets. This became known during a seminar.

Currently, in the authorized capital of 13 out of 29 commercial banks operating in the republic, there are state-owned shareholdings. In order to effectively manage these assets, a Department of Financial Asset Management has been established within the structure of the Agency.

It should be recalled that the State Agency for Management of Assets was created in January on the basis of the State Center for Management of Assets under the State Committee for Competition.

The main functions of the new Agency are management of state assets, including those located abroad, implementation of privatization measures (including the sale of state shares), leasing of state assets, introduction of corporate governance in enterprises with state participation, financial rehabilitation of economically insolvent enterprises with state participation, bankruptcy, ensuring state regulation of valuation activities, approval of property valuation standards and certification of realtors.