Baku, Azerbaijan, Feb. 25
By Anvar Mammadov - Trend:
Azerbaijani United Credit Bank OJSC has been declared bankrupt upon the decision of the Baku Administrative Economic Court #1 dated February 9, 2016, Azerbaijan International Legal Company's statement published in the official press said Feb. 25.
Azerbaijan International Legal Company has been acting as a liquidator of the bank in accordance with the court decision.
The bank's lenders must submit their claims to United Credit Bank's liquidator within 60 days, the statement said.
The Central Bank of Azerbaijan (CBA) revoked the license of United Credit Bank Jan. 25, 2016.
This decision was made because the total capital of the bank did not correspond to the CBA's minimum requirement of 50 million manats.
The bank could not fulfill its obligations to creditors and did not manage its current activity prudentially and reliably.
United Credit Bank started its activity April 30, 1996 as a joint Russian-Azerbaijani Commercial Bank 'Russian Credit'.
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