Baku, Azerbaijan, April 26
By Anvar Mammadov - Trend:
In the near future, another part of unsecured loans of Azerbaijan’s Bank Standard, which is under the process of liquidation, will be secured by collateral, said at a meeting of the Bank's Creditors’ Committee Chairman of the Committee Akram Hasanov.
He said the amount of collateral will be about 55 million manats.
"Thus, the total amount of collateral will be about 300 million manats," Hasanov said.
The property of Bank Standard was initially estimated at 196 million manats. But the Main Anti-Corruption Department under the Prosecutor General of Azerbaijan and the Azerbaijani Deposit Insurance Fund (ADIF) provided collateral for 55 million manats on unsecured loans issued by Bank Standard.
License of Bank Standard was revoked on October 1, 2016, and on October 4, the Bank was declared bankrupt.
Bank Standard was founded in 1995. It was one of the largest private commercial banks in Azerbaijan and was among the market leaders in terms of deposits.
Twitter: @Anvar_Mammadov