Baku, Azerbaijan, Nov. 3
By Azad Hasanli - Trend:
The Central Bank of Azerbaijan (CBA) revoked the licenses of 4 credit unions operating in different regions of Azerbaijan by its decision dated Oct. 28.
The decision was made public Nov. 3.
"The licenses of the credit unions Astanli, Mikhligovag, Financial Credit Union, and Nofal Credit Union were revoked under the paragraph 6.4.4 of the Rules of Issuing Licenses to Credit Unions for Conducting Banking Activities," the decision read.
The credit union Astanli was registered in the Yardimli district of Azerbaijan, Mikhligovag - in the Gabala district, the Financial Credit Union - in the Khazar district of Baku, and Credit Union Nofal - in the Shaki district.
There were 113 credit unions in Azerbaijan as of late 3Q14, the CBA said.
Their total authorized capital was 23.11 million AZN, and the volume of their assets was 59.98 million AZN.
The official exchange rate on Nov. 3 is 0.7844 AZN/USD.
Edited by SI