Azerbaijan, Baku, July 13 / Trend A. Akhundov /
The Azerbaijani Central Bank (CBA) has named the reasons for liquidating a license issued to Royalbank for banking activity.
"The license was liquidated because the bank did not comply with the minimum level of requirements and the adequacy of the total capital," the central bank said today. "It did not fulfill the obligations to creditors and the written instructions of the Central Bank. It did not
operate properly."
CBA Board of Directors made a decision to revoke Royalbank's license on July 12. According to the decision, a temporary administrator, who works in the bank's head office has been appointed to Royalbank since July 13.
The Central Bank will appeal to the judicial bodies to launch Royalbank's bankruptcy proceedings.
Royalbank is a member of the Azerbaijan Deposit Insurance Fund.
The deposit insurance fund makes certain actions to start the procedures for paying the compensation on insured deposits to depositors of the bank, the report said.
RoyalBank is a commercial bank operating in Azerbaijan. It has 32 branches in Baku and regions of the country. The bank has Royal Card processing center.