Baku, Azerbaijan, Sept.8
By Azad Hasanli - Trend:
Azerbaijan’s Financial Market Supervisory Body has cancelled the licenses of four branches (#1, #2, #9 and #13) of NIKOIL Bank.
The decision was made by the Board of Directors of the Financial Market Supervisory Body Sept.6, said the message from the financial regulator Sept.8.
The decision was made due to the incompliance of those branches with the principles of healthy lending, violation of the ratio of monthly debt to the borrower’s income, violation of law in cash operations and distortion in accounting.
Moreover, as a result of the inspections, it was revealed that despite of having foreign currencies in cashboxes, the bank wasn’t selling them to clients.
Although the Financial Market Supervisory Body has banned issuing consumer loans in foreign currency since Apr.5, 2016, it was revealed that the bank has issued loans in foreign currency, said the message.
Fundamental problems in the bank’s management system cause the abovementioned shortcomings, according to the regulator.
NIKOIL Bank started to operate in Azerbaijan in 1994.