Azerbaijani Central Bank cancels license of one of banks (UPDATE)

Business Materials 13 July 2015 16:17 (UTC +04:00)

Details added (first version posted on 15:12)

Baku, Azerbaijan, July 13

By Azad Hasanli - Trend:

Central Bank of Azerbaijan (CBA) has cancelled the license of EuroBank JSC and appointed an interim administrator at Azerbaijan Credit Bank JSC, CBA said July 13.

This decision was made during the board meeting of the bank July 10.

Previously, the activities of EuroBank were limited due to non-compliance with the CBA requirements for the minimum amount of total capital (50 million Azerbaijani manats).

The official exchange rate on July 13 is 1.0486 AZN/USD.

Azerbaijan Credit Bank JSC also has serious shortcomings in its activities. The bank is not managed prudentially and doesn't fulfill the mandatory requirements of the CBA, including those on minimum total capital.

"Therefore, the activities of Azerbaijan Credit Bank have been limited," said the message from CBA.

Azerbaijan Credit Bank JSC has been operating in Azerbaijan since Dec.29, 2005.

EuroBank was established on the basis of re-organization of Azinvestbank.

Edited by SI


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