Azerbaijan, Baku, Dec. 1/ Trend /
The Central Bank of Azerbaijan (CBA) made a decision to revoke the banking license of two banks - Debutbank and Kovsarbank, the CBA reported today.
"The bank made the decision due to their failure to comply with the minimum total capital and banking law violations, including those from the non-fulfillment of management and ongoing activities in a safe and prudential manner," the bank reported. "These banks also do not systematically follow the CBA's instructions."
The licenses issued to Debutbank on Dec. 30, 1994 and to Kovsarbank on Dec. 21, 1992 have been eliminated.
The CBA also appointed temporary bank administrators.
The number of the banks in Azerbaijan fell to 45 following the liquidation of the banks' licenses.