Azerbaijani Texnikabank declared bankrupt

Economy Materials 10 February 2016 15:37 (UTC +04:00)

Baku, Azerbaijan, Feb. 1

By Anvar Mammadov - Trend:

Azerbaijani Texnikabank OJSC has been declared bankrupt by the decision of the Baku Administrative Economic Court No.1 from February 10, 2016, said the message released by the bank Feb. 10.

In accordance with the decision of the court, M.M.M. Perfect Consulting LLC has been appointed the liquidator of the bank.

The message said that measures will be taken in accordance with the law regarding those having debts to Texnikabank and those who don't carry out payments in time.

"The announcement of the bank's bankruptcy doesn't give customers a reason not to pay debts on loans," the message said. "Individuals who have obligations to the bank may apply to both the head office and the branches of the bank to pay debts or get information."

The Central Bank of Azerbaijan (CBA) revoked the license of Texnikabank OJSC Feb. 2.

This decision was made because the total capital of the bank didn't correspond to the CBA minimum requirement of 50 million manats. The total capital adequacy ratio amounted to three percent [the CBA minimum requirement is 10 percent].

The bank couldn't fulfill its obligations to creditors and didn't manage its current activity prudentially.

Texnikabank has been operating in Azerbaijan since 1994 (previously - Rashadbank).