Decision on merger of two banks in Azerbaijan to be made in May
Baku, Azerbaijan, Apr. 26
By Anvar Mammadov - Trend:
Decision on merger of the Caucasus Development Bank and Atrabank, the licenses of which were revoked by the Central Bank of Azerbaijan (CBA), has been postponed to May 10, Chairman of the Supervisory Board of the Caucasus Development Bank Eldar Ismayilov told Trend Apr. 26.
"Today, a session of the Court of Appeal on this issue was held, but the court postponed making decision to May 10," said Ismayilov without disclosing the details of the hearing.
The decision to merge the two banks was made by the Baku Administrative Economic Court No.1 February 19, and in connection with this decision, the license of one of the banks must be restored, however the CBA has filed an appeal against this decision.
The CBA revoked the licenses of the Caucasus Development Bank and Atrabank on Jan. 27 because their total capitals didn't correspond to the minimum requirement of 50 million manats.
The banks also couldn't fulfill obligations to creditors, CBA explained.