New management of Azerbaijan’s Bank Standard formed (UPDATE)
Details added (first version posted on 14:03)
Baku, Azerbaijan, Aug.3
By Anvar Mammadov – Trend:
The new management of Azerbaijan’s Bank Standard was formed during the extraordinary meeting of its shareholders Aug.3, said the message from Azer Turk Bank which currently serves as the regulator of Bank Standard.
Khalid Ahadov has been appointed new head of the bank’s board, while Mustafa Rashidov became a board member. Earlier Ahadov served as CEO at Unibank.
Moreover, the Supervisory Board and the Audit Committee of the bank were also formed again during the meeting.
Rumiya Mammadova was appointed head of the Supervisory Board, while Khayyam Aliyev and Elshad Shirinbayov became members of the Supervisory Board. Rumiya Mammadova earlier served as deputy board head at Azer Turk Bank.
Zamig Mammadov was appointed head of the Audit Committee, while Raman Abishov and Pasha Ahmadzade became members of the Audit Committee.
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.
From that period, a moratorium was imposed on payments for all deposits, except for social payments. In order to make those payments, Bank Standard got support from the Central Bank. Moreover, a recovery program was worked out for the bank in order to restore its financial sustainability.
The controlling stake of Bank Standard was transferred to Azer Turk Bank for recovery. In accordance with the recovery program, Azer Turk Bank formed the bank’s new board which was approved by the Financial Market Supervisory Body.
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