Bank Standard will be liquidated with participation of foreign experts

Baku. 23 November. REPORT.AZ/ Bank Standard CJSC liquidation plan has been discussed at the meeting attended by representatives of Financial Market Supervision Chamber (FMSC), Deposit Insurance Fund, BM Morrison law firm and KPMG international audit company. Report was informed in FMSC.

According to information, speaking at the meeting, head of Chamber’s board of directors, Rufat Aslanli told that more than 90% of compensations for insured deposits in Bank Standard, license of which was canceled on October 1, 2016, have been paid and the process is going on transparently. Compensations for uninsured deposits and funds of other creditors will be paid out by turns, in accordance with legislation, after realization of liquid assets of Bank Standard. According to him, creditors will be allowed to attend liquidation process, to ensure their interests and transparency of the process.

BM Morrison law firm has been attracted to the process as a consultant, to ensure execution of Bank Standard liquidation plan in accordance with legislation and advanced practice. KPMG international audit company has also been invited to ensure assessment of bank’s assets, liabilities and off-balance obligations in conformity with international standards.