Details added (first version posted at 19:52)
Baku, Azerbaijan, Sept. 30
By Azad Hasanli – Trend:
Revocation of Bank Standard’s license doesn’t envisage closing the Standard Insurance, Rufat Aslanli, chairman of Azerbaijan’s Financial Market Supervisory Body Board of Directors, said.
Aslanli made the remarks at a press conference in Baku Sept. 30.
He added that Standard Insurance will have to prepare a new strategy that does not include any joint activity with Bank Standard.
The Azerbaijani Financial Market Supervisory Body will revoke the Bank Standard’s license on Oct. 1. The decision was made by the Supervisory Body’s Board of Directors Sept. 30.
Standard Insurance has been operating in the market since 2002. It is a part of AB Standard Group, which also includes Bank Standard.