Baku, Azerbaijan, Jan. 29
By Azad Hasanli - Trend:
Shareholders of AtraBank OJSC will discuss Feb. 3 the Azerbaijani Central Bank's decision to revoke its license, said the bank in a message Jan. 29.
AtraBank's license was revoked Jan. 27 upon a decision of the Central Bank (CBA).
The decision was taken because the total capital of the bank didn't correspond to the CBA minimum requirement of 50 million manats, and the bank couldn't fulfil its obligations to creditors and didn't manage its current activity reliably and prudentially, said the CBA.
A temporary administrator was appointed at the bank.
Currently, 37 banks have licenses for banking activity in Azerbaijan.
Since last week, the CBA has revoked the licenses of six banks - AtraBank, the Caucasus Development Bank, Ganja Bank, Bank of Azerbaijan, United Credit Bank and NBC Bank.
AtraBank began working in Azerbaijan in 1992.