Central Bank of Azerbaijan (CBA) has revoked the license of the Baku branch of the National Bank of Pakistan dated June 30, 2005, upon its application, Report informs, citing the CBA.
According to the information, this decision has arisen from the decision made within the framework of the commercial strategy of the National Bank of Pakistan to exit the financial markets of Central Asia and Azerbaijan.
The possibility of fulfilling the obligations of the Branch based on the liquidation plan and the submitted financial statements was taken into consideration while making the decision on the voluntary cancellation of the license. Thus, as of September 30, 2022, the Branch's liquid assets (6.7 million manats, or $3.94 million) exceeded its total liabilities (0.5 million manats, or $0.29 million) several times. The branch liquidator (Branch General Manager Sheikh Ahtsham Ahmed) will carry out the voluntary liquidation process in accordance with the law and the Branch's liquidation plan, including the fulfillment of its obligations to its creditors. CBA will supervise the liquidation process within its powers.