Azerbaijan sets authorized capital of bridge bank at AZN 4,000

Baku. 23 November. REPORT.AZ/ The Financial Markets Supervisory Authority (FIMSA) has confirmed the ‘Rules on creation of a bridge bank, issuance and registration of its shares, special simplified procedure for granting license to bridge bank and its activity’.

Report informs citing the FIMSA that, according to the rules, FIMSA makes a decision to create a bridge bank to fully or partly transfer the assets and liabilities of a bank or a number of banks which lost paying capacity, and temporarily manage them.

The bridge bank is an Open Joint-Stock Company (OJSC) and the only shareholder is FIMSA. Authorized capital is AZN 4,000 paid by FIMSA.

According to the rules, the bridge bank is managed by a temporary administrator until it is sold to an investor.

In case the bridge bank is not sold within the planned period (6-9 months), the FIMSA is to take measures to revoke its license.