Baku, Azerbaijan, Mar. 31
By Anvar Mammadov – Trend:
Azerbaijan’s Parabank has acquired a license to operate as a non-bank financial institution (Para NBFI), the Financial Market Supervisory Authority of Azerbaijan said in a message Mar. 31.
Parabank’s banking license was revoked July 21, 2016. The Deposit Insurance Fund was appointed the bank’s liquidator. So far, the Fund has paid compensations worth 43 million manats to the insured depositors of Parabank.
The banking license of Parabank was revoked as its assets were not classified in line with the law, the bank didn’t create adequate reserves and its aggregate capital didn’t meet the minimum requirement (50 million manats).
Parabank operated in Azerbaijan since 1991.