Azerbaijan’s Bank Standard names new director general (UPDATE 2)

Business Materials 12 July 2016 17:07 (UTC +04:00)

Details added (first version posted on 13:20)

Baku, Azerbaijan, July 12

By Azad Hasanli - Trend:

Khalid Ahadov has been appointed the new director general of Azerbaijan’s Bank Standard, read a message from the country’s Financial Market Supervisory Body.

Ahadov will also perform the duties of the chairman of the bank’s board and will form the bank’s new management by Aug. 3, 2016, said the message.

From that period on, Bank Standard will resume its operation in accordance with its business strategy.

Ahadov has been working in the banking sector since 2002. He has held senior positions in the Bank of Baku and Unibank.

The Financial Market Supervisory Body appointed a temporary administrator at Bank Standard on May 3 for three months, due to the deterioration of the quality of its assets, as the bank’s liquidity and capital position have significantly weakened recently.

Bank Standard was founded in 1995. Currently, it is one of the largest private commercial banks in Azerbaijan and is among the leaders in terms of the deposit volume.