Baku, Azerbaijan, May 19
By Anvar Mamedov - Trend:
The Azerbaijan Deposit Insurance Fund (ADIF) established a Demirbank Committee of creditors, said the fund's message May 19.
Demirbank's license was revoked on 23 December 2017. The chamber of supervision over the financial markets of Azerbaijan reported that the license was liquidated due to the discrepancy of the bank's total capital to the minimum requirement established for banks, and the ratio of the total capital adequacy is below three percent provided by the legislation. The bank was also unable to meet its obligations to creditors.
The first meeting of the committee will be held on June 1 in the administrative building of the fund at: Baku city, Babek Avenue 16, according to the message.
The participants will get acquainted with the situation of the committee, elect its chairman and secretary, as well as prepare a work plan and determine the next date of the meeting.
The fund appealed to the court to establish creditor committees in most of the liquidated banks in the country, said Deputy Chairman of ADIF Vugar Abdullayev.
In the near future, creditor committees in all of the liquidated banks will be established, he added.
Currently, the creditor committees are established in Bank Standard, AtraBank, Kredobank, Caucasian Development Bank and Gandjabank.
ADIF is engaged in liquidation of 12 banks.