details added (first version posted at 16:53)
Baku, Azerbaijan, Jan. 27
By Azad Hasanli - Trend:
The licenses of Atra Bank and the Caucasus Development Bank have been revoked upon a decision of the Central Bank of Azerbaijan (CBA).
This decision was taken because the total capital of the two banks didn't correspond to the CBA minimum requirement of 50 million manats, the CBA said in a message Jan. 27.
These banks couldn't fulfill their obligations to creditors and didn't manage their current activity reliably and prudentially, said the CBA.
Temporary administrators were appointed at both banks Jan. 27.
Under the country's laws, the Azerbaijan Deposit Insurance Fund will pay the compensation to these banks' clients for insured deposits.
Currently, 37 banks have licenses for banking activity in Azerbaijan.
The CBA has revoked four licenses [Ganja Bank, Bank of Azerbaijan, United Credit Bank and NBC Bank] since last week.
AtraBank began working in Azerbaijan in 1992, while Caucasus Development Bank - in 1997.