Baku, Azerbaijan, Feb. 16
By Anvar Mammadov - Trend:
The Caucasus Development Bank OJSC awaits the decision of the Central Bank of Azerbaijan (CBA) on merging with Atrabank OJSC, Eldar Ismayilov, chairman of the Supervisory Board of the Caucasus Development Bank told Trend Feb. 16.
"We have already signed a protocol of intent on merging with Atrabank and now we have to wait for the CBA's decision on this issue," said Ismayilov.
"Earlier we also conducted negotiations with other banks, but today merging with Atrabank is by far the ideal option," he added.
The restoration of one of these two banks' license and one bank's entry to the other one's structure may be one of the possible merger options, said Ismayilov.
"Perhaps, the licenses of the two banks will be restored, and then the banks will merge," he added.
The CBA revoked the licenses of these two banks on Jan. 27 because their total capitals didn't correspond to the minimum requirement of 50 million manats.
The banks also couldn't fulfill obligations to creditors, CBA explained.
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