Azerbaijan’s Parabank may become a non-bank credit organization

Business Materials 22 July 2016 10:42 (UTC +04:00)

Baku, Azerbaijan, July 22

By Azad Hasanli – Trend:

Azerbaijan’s Parabank can turn into a non-bank credit organization, said Rufat Aslanli, head of the Board of Directors of Azerbaijan's Financial Market Supervisory Body.

Aslanli made the remarks July 22 at a press conference in Baku.

He said that the bank’s management proposed the idea, and the Financial Market Supervisory Body doesn’t have anything against it.

The legislation allows to do it, explained Aslanli, the bank, having fulfilled all its obligations, in particular, to depositors, can turn into a non-bank credit organization.

Earlier, Parabank planned to increase its authorized capital by 15 million manats (1.5724 AZN/USD on July 22).

Parabank has been operating since 1991 in Azerbaijan.