BAKU, Azerbaijan, October 13. The banking license No. 248 of June 30, 2005, issued to the Baku branch of the National Bank of Pakistan (NBP), has been revoked on a voluntary basis, following the decision of the Management Board of the Central Bank of Azerbaijan (CBA) dated October 11, 2022, the CBA press service told Trend.
The appeal on the bank's license withdrawal is a result of the decision made as part of the NBP commercial strategy to exit the financial markets of Central Asia and Azerbaijan.
Meantime, the Branch's potential to fulfill obligations to third parties have been taken into account based on the liquidation plan and financial statements. Thus, as of September 30, 2022, the liquid assets (6.7 million manat or $3.9 million) exceeded the Branch's total liabilities (500,000 manat or $294,424) several times, the bank's press service said.
"The Branch liquidator, General Manager at NBP Baku Branch Sheikh Ahtsham Ahmed, will carry out the voluntary liquidation process, including the fulfillment of obligations to creditors, in accordance with the legislation of the Republic of Azerbaijan and the Branch liquidation plan. Thereat, the Central Bank will supervise the liquidation process within its powers," the statement added.