Commercial bank based in Azerbaijan closes

Baku. 13 July. REPORT.AZ/ At the meeting of the Exectuve Board of the Central Bank of Azerbaijan Republic (EB CBAR), was made a decision on the revocation of "Eurobank" JSC banking license, appointing a temporary administrator to "Azerbaijan Credit Bank" JSC.

Report informs referring to the statement of the CBAR.

"Eurobank" JSC does not comply with the requirements of the Central Bank to increase the minimum total capital. Though the Bank was provided with the instructions to eliminate the capitalization and other shortcomings in the performance, they have not been implemented during this period. As its operation does not meet prudential requirements, the bank's license was restricted by applying the corrective and impact actions, acceptance of deposits and implementation of accounts, lending activity were banned. The Bank does not have any significant share in the sector or financial mediation. Currently, there are no people's deposits in the Bank.

"Azerbaijan Credit Bank" JSC has serious shortcomings, prudent management and does not follow the compulsory instructions of the Azerbaijani Central Bank. The Bank's capital is below the Central Bank's minimum capital requirements and the operation of "Azerbaijan Credit Bank" was restricted. The scope of deposits in the bank is low and sufficient liquid funds are available to their full implementation."