Azerbaijan's Günay Bank declared bankrupt

Günay Bank OJSC, a private Azerbaijani bank whose license was revoked by the Central Bank of Azerbaijan (CBA) on May 16, has been declared bankrupt, Report informs, citing the decision of the Baku Commercial Court.

The Azerbaijan Deposit Insurance Fund has been appointed as the bank's liquidator.

The CBA canceled the license of Günay Bank OJSC since the total capital of the bank was less than the established requirement - 50 million manats ($29.4 million). The adequacy ratio of the total capital was less than 3% and the bank did not carry out its activities in a prudential manner.