CBA cancels Bank of Azerbaijan’s license (UPDATE)
Details added (first version posted at 17:30)
Baku, Azerbaijan, Jan. 18
By Azad Hasanli - Trend:
Bank of Azerbaijan's license has been cancelled upon a decision of the Central Bank of Azerbaijan (CBA).
A temporary administrator has been appointed in the bank Jan. 18.
The decision was taken because Bank of Azerbaijan violated the minimum requirement for total capital and its total capital adequacy ratio was less than three percent (the CBA's requirement is 10 percent), CBA said in a message.
"The bank is unable to fulfil its obligations to creditors," CBA said. "Its current activity doesn't correspond to prudential rules. The management of the bank is unreliable."
CBA also said the Azerbaijan Deposit Insurance Fund will pay compensations to the bank's depositors in accordance with laws.