ADIF sells property of liquidated banks in Azerbaijan
Baku, Azerbaijan, March 1
By Anvar Mammadov – Trend:
Azerbaijan Deposit Insurance Fund (ADIF), with the assistance of the State Commodity and Raw Materials Exchange, held an open auction on Feb. 19 and Feb. 26 to sell a part of the property of several liquidated banks, the ADIF said in a message March 1.
Eight cars of different brands and models and four ATMs of Bank Standard CJSC, a land plot in the Shabran district and two ATMs belonging to Texnikabank OJSC, three cars of Kredobank, one non-residential site of Royalbank and two cars of Zaminbank were sold at the auction.
The licenses of the banks were revoked due to a discrepancy between their total capitals and the minimum capital requirement set for banks (50 million manats).
The banks also lacked the capacity to fulfill obligations to creditors.