Composition of new Azerkredit bank board changed

Business Materials 14 December 2005 15:15 (UTC +04:00)

By the recommendation of the commission of the National Bank of Azerbaijan (NBA) for considering the documents of the newly established banks the composition of the Azerkredit bank board changed, NBA told Trend.

Under the new bank legislation NBA carries out testing not only the management of new, but also the operating banks. They are to match the criteria, identified in the Law “On Banks”.

In this regard the Azerkredit bank’s shareholders have been recommended to revise the nominees. Familiarization with the new composition will take place on Saturday. In case of meeting the requirements the bank will get the license for performing the banking activities shortly, as all terms needed for checking the documents have expired.

The bank is being founded under the involvement of physical entities, the citizens of Azerbaijan. According to the bank’s business plan it will perform all kinds of banking activities, including attracting deposits of physical entities, as the new law does not restrict acceptance of deposits for newly opened banks. It has been registered at the Justice Ministry and the Statutory Fund (SF) has been formed in accordance with the NBA previous requirements at the level of 25 billion AZM. For those who is willing to open new banks from the next year, SF is defined at the level of 50 billion AZM.