Financial Market Supervisory Body names problem banks in Azerbaijan (UPDATE)

Business Materials 22 July 2016 12:57 (UTC +04:00)

Details added (first version posted on 10:26)

Baku, Azerbaijan, July 22

By Azad Hasanli - Trend:

Currently, Azerbaijan has no problem banks other than the International Bank of Azerbaijan and Bank Standard, head the Board of Directors of the country’s Financial Market Supervisory Body, Rufat Aslanli said during a press conference July 22.

“Currently, both banks - International Bank of Azerbaijan and Bank Standard – are at the recovery stage. They are receiving necessary support,” he added.

Aslanli pointed out that closing down the International Bank of Azerbaijan is not on the agenda.

“Other banks have no problems. All of them work in a normal mode and have sufficient capital and liquidity. The stress tests conducted by us show that there is no reason for concern,” he added.

As for the four banks [ParaBank, KredoBank, Zaminbank, DekaBank], the licenses of which were revoked, Aslanli noted that the Financial Market Supervisory Body made every effort so that their financial and other problems wouldn’t affect the sector and the clients.

Currently, 33 banks have licenses for carrying out banking activities in Azerbaijan. The licenses of six banks [AtraBank, Caucasus Development Bank, Bank Technique, Ganjabank, Bank of Azerbaijan and United Credit Bank] have already been revoked since early 2016.