​Bank Standard launches the first phase of rehabilitation program

Baku. 3 August. REPORT.AZ/ Tomorrow begins the first phase of rehabilitation (remediation) program for Bank Standard CJSC.

Report informs, a statement of the bank says.

According to the information, recovery program prepared by the new leadership appointed in order to address the financial problems in Bank Standard, provides for increasing the bank's liquidity, quality assurance and long-term sustainability of assets, capital, and phased return of deposits in the bank in full.

The program to improve the health program along with implementation of obligations to clients, also serves as part of the strategy for future sustainable development of the bank and is aimed at strengthening the market role of one of the largest financial institutions in the country. The process of rehabilitation of the bank will be carried out in stages.

The first phase of rehabilitation program will cover the unlimited money payment on current/card accounts of individuals and for deposits that expired in 2016, in sum of 30,000 AZN (or equivalent in foreign currency).

Disbursement of funds on current/card accounts of individuals and for deposits that expired in 2016, in sum of over 30,000 AZN (or equivalent in foreign currency) consists of a few suggestions. Clients will be provided with additional information about the proposals developed.

The Action Plan on deposits that expire after 2016, will be completed in the second phase of rehabilitation program in 2017 and will be presented before the end of this year.

As part of the rehabilitation program activity of plastic cards Bank Standard CJSC will be restored, both at home and abroad. Legal entities will be able to hold an unlimited number of transactions on current accounts in the Bank Standard starting from the mentioned date.