Baku, Azerbaijan, Jan. 10
By Anvar Mammadov – Trend:
The mortgage portfolio of DemirBank was transferred to four banks, the Azerbaijan Mortgage and Credit Guarantee Fund told Trend Jan. 10.
The portfolio worth 37.2 million manats is divided among MuganBank, Gunay Bank, RabitaBank and NBC Bank. A total of 1,170 loans were transferred to those banks.
DemirBank’s license was revoked Dec. 23, 2017. The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said the license was revoked due to a discrepancy between the total capital of the bank and the minimum capital requirement set for banks, and the adequacy ratio of the aggregate capital is lower than 3 percent stipulated by the legislation.
The bank also lacked the capacity to fulfill its obligations to creditors.
(1.7001 manats = 1$ on Jan. 10)