Caucasus Development Bank subsidiary’s license revoked
Baku, Azerbaijan, Sept. 2
By Azad Hasanli – Trend:
The National Bank of Georgia (NBG) has revoked the license of the Caucasus Development Bank-Georgia JSC, a Georgian subsidiary of Azerbaijan’s Caucasus Development Bank, the NBG said in a message.
It is reported that this move was made due to the revocation of the license of the parent bank – Azerbaijan’s Caucasus Development Bank.
A temporary administration was introduced at the Caucasus Development Bank-Georgia JSC Aug. 18.
The license of Caucasus Development Bank was revoked on Jan. 27, 2016, in Azerbaijan, while it was declared bankrupt on Aug. 16 by the Baku Administrative-Economical Court No.1.
The Central Bank of Azerbaijan (CBA) had said the bank’s license was revoked because its total capital didn't correspond to the minimum requirement of 50 million manats. The bank also couldn't fulfill obligations to creditors, CBA explained.