Azerbaijani Ganca Bank’s license revoked (UPDATE)
Details added (first version posted on 09:41)
Baku, Azerbaijan, Jan. 25
By Azad Hasanli - Trend:
The Central Bank of Azerbaijan has revoked the license of Ganca Bank OJSC, the CBA's message said Jan. 25.
The decision to revoke the license was made due to the fact that the total capital of the bank didn't comply with the requirements of the Central Bank of Azerbaijan [50 million manats], and the bank couldn't fulfill its obligations to creditors.
A temporary administrator has been appointed in the bank since Jan. 25.
In accordance with the law, the Azerbaijan Deposit Insurance Fund will pay compensations to the bank's depositors, the bank said.
Ganca Bank operated in Azerbaijan since 1994.