Baku, Azerbaijan, Dec. 27
Trend:
The Baku Court of Appeal officially decided to declare Azerbaijani Demirbank bankrupt, said in the message of the Azerbaijan Deposit Insurance Fund (ADIF).
In addition, it is noted that the Fund was appointed liquidator of Demirbank.
DemirBank’s license was revoked Dec. 23, 2017.
The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said that the license was liquidated due to the discrepancy between the total capital of the bank and the minimum requirement established for banks, and the adequacy ratio of the aggregate capital is lower than three percent stipulated by the legislation.
The bank also lacks the capacity to fulfill its obligations to creditors.
DemirBank is a member of ADIF, and accordingly, deposits of the population in this bank will be returned by the Fund.