Mortgage portfolio of bank liquidated in Azerbaijan handed over to another bank
Baku, Azerbaijan, Oct. 26
By Anvar Mammadov - Trend:
The portfolio of mortgage loans of the Azerbaycan Kredit Banki OJSC, which is in the process of liquidation, has been handed over to Nikoil Bank, Director of Azerbaijan International Consulting Company (responsible for the liquidation of the bank) Natig Abdullayev told Trend Oct.26.
"Since these loans are fairly long term ones, we have decided to transfer them to another bank," he said. "We are not considering the transfer of the remaining loan portfolio to other banks. Charges on the remaining credit files are made directly by our company."
He said that currently the bank has completely settled with investors, and the process of liquidation is underway at a normal pace.
"The bank has already settled with investors and implemented about 70 percent of its loan obligations," said Abdullayev. "I would like to note that in general, the bank has sufficient funds to meet its obligations before creditors."
The executive director of Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov told Trend earlier that the volume of deposits in the bank amounted to about 3.4 million manats.
On July 10, 2015, the Central Bank of Azerbaijan (CBA) has revoked the license of Azerbaycan Kredit Banki. The decision came into force July 16.
The license of Azerbycan Kredit Banki was canceled due to the fact that the bank was unable to meet the minimum requirements of the Central Bank of Azerbaijan (CBA) to the total capital [50 million manats], its obligations to creditors, as well as written instructions of the CBA.
Since July 13, 2015, the bank introduced a temporary administration.
There are 43 banks in Azerbaijan (excluding 2 banks, the licenses of which have been
The official exchange rate for October 26 is 1.0490 AZN/USD.
Edited by CN