Details added (first version posted at 13:15)
Baku, Azerbaijan, Feb. 3
By Azad Hasanli - Trend:
Shareholders of Azerbaijan's Caucasus Development Bank (CDB) will on March 20 discuss its merger with other banks, read a message on the bank's website.
The shareholders will have an extraordinary meeting at the request of the CDB Supervisory Board.
Earlier, Trend reported that Caucasus Development Bank intends to merge with Gunay Bank and Atrabank.
Azerbaijani AGBank and DemirBank earlier signed a protocol of intent about merger.
NBCBank, KredoBank and ParaBank are also merging.
CDB's license was revoked upon a decision of the Central Bank of Azerbaijan Jan. 27.
The decision on the revocation of CDB license was taken because the total capital of the bank didn't correspond to the Central Bank's minimum requirement of 50 million manats.
CDB couldn't fulfil its obligations to creditors and didn't manage its current activity reliably and prudentially, said the Central Bank.
Currently, 37 banks have licenses for banking activity in Azerbaijan.
Caucasus Development Bank has been operating on the market since 1997.