Another Azerbaijani insurance Co to be liquidated (UPDATE)
(Details added, first version posted on 10:35)
Baku, Azerbaijan, Nov. 8
By Anvar Mammadov - Trend:
Shareholders of Azerbaijani insurance company Azerqarant have decided to liquidate the company, Rashad Mammadov, head of the company’s management board, told Trend Nov. 8.
The company has already sent a relevant letter to Azerbaijan’s Financial Markets Supervisory Chamber, according to Mammadov.
Liquidation of the company is explained by the fact that part of the company’s funds was placed as deposits in Nikoil Bank, Rabitabank and AtraBank, Mammadov said.
“The majority of these funds were placed in Atrabank. But we started experiencing problems with the capital after the bank’s closure. So it was decided to liquidate the company since we can’t increase the capital,” he said.
"As of today, we are able to fulfill our obligations to the customers. I think we will not pass our portfolio for execution to another company. But we cannot completely exclude this option. There is no final decision on this issue yet," Mammadov added.
Azerqarant has been in the Azerbaijani insurance market since 1993. It received a perpetual license from the Azerbaijani Finance Ministry in 2008.
The official exchange rate on November 8 is 1.6686 AZN/USD.