Caucasus Development Bank to be liquidated by the year end

Baku. 16 May. REPORT.AZ/ The process of liquidation of "Caucasian Development Bank" OJSC will be completed by the year end.

Report informs, Executive Director of the Azerbaijan Deposit Insurance Fund (ADIF) Azad Javadov said at the first meeting of the Bank's Creditors Committee.

According to him, all creditors of the Caucasian Development Bank will receive compensation in full: "The creditors of this bank were luckier than those of the rest of closed banks."

A. Javadov also noted that in case of the Caucasian Development Bank, there is no need for activity of the Creditors Committee, election of the chairman and secretary of the meeting: "We intend to finish our work with this bank shortly, perhaps we will transfer the portfolio to another bank, for example, Pasha Bank".

He said that the bank's liabilities amount AZN 85 million: "Of them AZN 41.3 million is to Central Bank of Azerbaijan, the rest is debts to individuals and legal entities. AZN 22 million have to be paid to them".