AzerTurkBank to help put Bank Standard back on track (UPDATE)

Economy Materials 4 July 2016 11:20 (UTC +04:00)

Details added (first version posted on 10:15)

Baku, Azerbaijan, July 4

By Azad Hasanli – Trend:

Improvement of Azerbaijan’s Bank Standard has been entrusted to the country’s state bank AzerTurkBank, Azerbaijan’s Financial Market Supervisory Body said July 4.

In this regard, a controlling stake in the Bank Standard has been transferred to AzerTurkBank for improvement.

In accordance with the improvement program, AzerTurkBank will form a new board of directors until August 3, 2016, and since that period the bank's activities will be fully restored in accordance with the business strategy.

At the same time, the necessary funds have been allocated to Bank Standard to fulfill financial obligations to its clients. The funds for the bank have been allocated through the bridge bank AzerTurkBank with financial support of the Central Bank of Azerbaijan in the form of a credit line for a period of one year.

In addition, in connection with the fact that the moratorium on payments on deposits expires July 4, the relevant restrictions have been eliminated and legal entities, as well as individuals will now be able to use their funds, according to the message.

Bank Standard was established in 1995. At present, it is one of the largest private commercial banks in Azerbaijan, which is among the leaders in terms of deposits.