Headline changed, details added (first version posted on 10:52)
Baku, Azerbaijan, May 10
By Huseyn Veliyev - Trend:
Azerbaijan's Bank Standard hasn't been closed down, head of the Board of Directors of the country's Financial Market Supervisory Body Rufat Aslanli told reporters May 10.
The state has taken over the management of the bank due to the difficulties the bank faces, he added.
"The state supports this bank so that its clients (both individuals and legal entities) wouldn't lose their deposits," Aslanli said.
He noted that all deposits in the Bank Standard are in safe keeping and they are fully insured in accordance with the new law "On the full deposit insurance" dated March 1.
"Therefore, there is no reason for concern. Also, there is no point to worry about the bank's clients, since the state is doing everything necessary for its recovery," said Aslanli.