Baku, Azerbaijan, Sept. 27
By Azad Hasanli, Huseyn Veliyev – Trend:
The Central Bank of Azerbaijan (CBA), the country’s Ministry of Finance and the Financial Market Supervisory Body work together to create a strategic stability plan of Bank Standard, Head of the CBA Elman Rustamov told reporters in Baku.
He said that the bank has received significant liquidity from the government.
“A critical situation has been already eliminated in the bank,” he added. “Currently, together with the Ministry of Finance and the Financial Market Supervisory Body of Azerbaijan, we are looking for an optimal plan for the bank’s recovery.”
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 recently 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 received support from the CBA. 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.
Bank Standard was founded in 1995.