Baku, Azerbaijan, Oct. 6
By Anvar Mammadov – Trend:
Azerbaijan’s Bank Standard JSC has been declared bankrupt according to the decision, dated Oct. 4, 2016, of the country’s Baku Administrative-Economical Court No1, said the Azerbaijan Deposit Insurance Fund (ADIF) in a message posted on its website Oct. 6.
The message said that ADIF has been appointed the bank’s liquidator.
Bank Standard’s license was revoked on Oct. 1, 2016, according to the decision of the Board of Directors of Azerbaijan’s Financial Market Supervisory Body.
The decision on Bank Standard’s closure was made on the basis of the appeal of AzerTurkBank, a bridge bank of Bank Standard, and Bank Standard’s new management.
Bank Standard was created in 1995. The bank was one of the major private commercial banks in Azerbaijan.