Details added (first version posted at 19:00)
Baku, Azerbaijan, Sept. 30
The Azerbaijani Financial Market Supervisory Body will revoke the Bank Standard’s license on Oct. 1, Rufat Aslanli, chairman of the Supervisory Body’s Board of Directors, said.
Aslanli made the remarks at a press conference in Baku Sept. 30.
“The Financial Market Supervisory Body intends to appeal to the court for declaring Bank Standard bankrupt as the bank is unable to fulfill its commitments,” he said.
“The license revocation poses no threat to the deposits,” he said. “The deposits will be reimbursed to the bank’s clients.”
The decision about closing the bank was made on the basis of AzerTurkBank’s appeal.
AzerTurkBank was given the Bank Standard’s controlling stake for its recovery and new management July 4, 2016.
Bank Standard was founded in 1995. It was one of the largest private commercial banks in Azerbaijan and one of the market leaders in terms of deposits.