License of ​Bank of Azerbaijan revoked

Baku. 18 January. REPORT.AZ/ Pursuant to the Central Bank of Azerbaijan Republic (CBAR) Executive Board's decision, due to not meeting a minimum amount of capital, having adequacy ratio of the total capital less than 3%, not fulfilling its obligations to creditors, failing to manage the current activities in a safe and prudent manner the banking license of Bank of Azerbaijan has been revoked.

Report informs citing the Central Bank, according to provisions 51 and 52 of the law "On the banks", a temporary administrator was appointed to the bank today.

Central Bank informs that, Bank of Azerbaijan will pay compensation in accordance with the law on its deposits insured by the Deposit Insurance Fund.