CBA restores Kovsarbank`s license

Photo: CBA restores Kovsarbank`s license / Economy news

Baku, Azerbaijan, April 25
By Emin Aliyev - Trend:

The Central Bank of Azerbaijan restored the license of Kovsarbank JSC.

"The relevant decision was approved by the CBA board of directors on the 9th April", the bank's press-service told Trend.

Thus, the number of banks operating in Azerbaijan reached 44.

The bank's license was liquidated in late 2010 regarding non-compliance with the CBA requirement on minimum total capital, violation of the requirements of banking legislation, including non-observance of the management's activity in a safe and prudential manner.

The Baku Appeal Court decided to annul the resolution of the Baku Administrative Economic Court No 1 regarding Kovsar Bank's bankruptcy on the basis of the bank `s shareholder appeal in April 2013.

The license of this bank has been revoked twice. First, in 2001, due to a mismatch with prudential norms CBA License of Kovsar Bank has been revoked, however, through the courts the bank reached recovery.

Kovsar Bank was founded in 1989 as Universal Bank. Kovsar Bank operates according to Islamic banking principles.

Translated by S.I.
Edited by C.N.

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