Temporary administration in Azerbaijani Bank Standard coming to end
Baku, Azerbaijan, Aug. 2
By Anvar Mammadov – Trend:
A period of temporary administration in Bank Standard OJSC will end on Aug. 3, Azerbaijan’s Financial Market Supervisory Body said in a message Aug. 2
The Financial Market Supervisory Body appointed a temporary administrator at Bank Standard on May 3 for three months, due to the deterioration of the quality of its assets, as the bank’s liquidity and capital position have significantly weakened recently. Improvement of Azerbaijan’s Bank Standard was entrusted to the country’s state bank AzerTurkBank. In this regard, a controlling stake in the Bank Standard was transferred to AzerTurkBank for improvement.
Bank Standard was founded in 1995. Currently, it is one of the largest private commercial banks in Azerbaijan and is among the leaders in terms of the deposit volume.