Auction Center created in Azerbaijan

Business Materials 19 April 2017 20:33 (UTC +04:00)

Baku, Azerbaijan, Apr. 19

By Azad Hasanli – Trend:

The Auction Center has been established in Azerbaijan, where the sale of movable and immovable property of banks will be carried out, President of Azerbaijan Banks Association (ABA) Zakir Nuriyev told reporters in Baku Apr. 19.

Nuriyev said that the Center will operate under the Association.

The Auction Center emerged on the eve of the sale of property of 11 banks that were closed in Azerbaijan.

As the Executive Director of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov said previously, the property of those banks will be sold through auctions.

Eleven banks – Caucasus Development Bank, United Credit Bank, Bank Standard, Zaminbank, Dekabank, Kredobank, Atrabank, Bank of Azerbaijan, Ganjabank, Texnikabank and Parabank were closed in Azerbaijan in 2016. Total volume of assets of those banks exceeds billions of manats, while their liabilities total 2.9 billion manats.

(1.7022 manats=$1 on Apr. 19)