BAKU, Azerbaijan, May 20. Azerbaijan's Gunay Bank OJSC, whose license was revoked by the Central Bank of Azerbaijan (CBA) on May 16, has been declared bankrupt, Trend reports.
This decision was made by the Baku Commercial Court.
According to the decision, the Azerbaijan Deposit Insurance Foundation was appointed as the liquidator of the bank.
The foundation will provide information on the timing and place of payment of savings of the population.
The CBA cancelled the license of Günay Bank OJSC due to the fact that the total capital of the bank is less than the established requirement - 50 million manat ($29.4 million), while the adequacy ratio of the total capital is less than three percent.