Liquidation of one more bank starts in Azerbaijan
Baku, Azerbaijan, Mar. 30
By Anvar Mammadov – Trend:
Liquidation of Azerbaijan’s United Credit Bank, license of which was revoked in 2016, will start in the coming days, Rufat Aslanli, head of Azerbaijan’s Financial Market Supervisory Authority (FIMSA), said Mar. 30.
The delay in the liquidation process was caused by legal procedures, as the bank appealed against FIMSA’s decision to revoke its license, Aslanli told reporters in Baku.
“Trials on liquidation of United Credit Bank are fully finished and earlier this week, we received the court's decision,” he said.
“In the coming days, a liquidator will be assigned to the bank, after which the liquidation process will start there.”
United Credit Bank started operating April 30, 1996, as a joint Russia-Azerbaijan commercial bank Rossiysky Kredit.
On Jan. 25, 2016, Central Bank of Azerbaijan revoked United Credit Bank’s license due to the fact that the bank’s aggregate capital did not meet the minimum requirements of the CBA (50 million manats). Besides, the bank could not meet its obligations to creditors and ensure reliable and prudential management of the current activity.
In turn, the bank appealed against FIMSA’s decision and then started a trial, which lasted for more than a year.