Baku, Azerbaijan, July 25
By Anvar Mammadov - Trend:
Azerbaijan Deposit Insurance Fund (ADIF) has been appointed the liquidator of four banks, the licenses of which were revoked by the Financial Market Supervisory Body last week, ADIF Executive Director Azad Javadov told Trend July 25.
“ADIF has been appointed the liquidator of DekaBank, KredoBank, Parabank and Zaminbank in accordance with the court’s decision. First of all, asset valuation will be conducted in those banks,” said Javadov.
Currently, ADIF is engaged in liquidating two banks – Bank Technique and Bank of Azerbaijan.
The licenses of DekaBank, KredoBank, Parabank and Zaminbank were cancelled in Azerbaijan, in accordance with the decision of the Financial Market Supervisory Body dated July 21, 2016.
The licenses of those banks were revoked, as their assets were not classified in line with the law, they didn’t create adequate reserves and the aggregate capital of these banks doesn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.
Temporary administrators were appointed to these banks July 22.
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