Our investigations in Amrahbank revealed a severe lack of capital as in Atabank, Chairman of Central Bank of Azerbaijan (CBA) Elman Rustamov said in the press conference.
“Management of Amrahbank was given extra time. We said to them that there are opportunities for additional financing. But they did not agree with that. Then we made this decision. CBA is not interested in shutting down any bank. This issue was discussed by Financial Stability Council, and because it was impossible to “cure” those banks, they underwent “surgical operation”,” he said
The CBA Chairman also commented on protests of Amrahbank’s employees: “These protests are emotional. I have instructed the payment of their salary. Yes, they have lost their jobs, but the banking sector will get specialized personnel from there.”