License of two more banks in Azerbaijan cancels

Baku. 26 January. REPORT.AZ/ In accordance with decisions of Managerial Board of Central Bank of Azerbaijan Republic (CBAR) dated January 25, banking licenses of 'United Credit Bank' and 'NBC Bank' OJSC has been cancelled due to failure to comply with statutory minimum total capital requirement, fulfill its obligations to creditors, manage current activity in a safe and prudential manner.

Report informs referring to the Central Bank of Azerbaijan Republic, today temporary administrator has been appointed at the banks.

CBAR informs that payment of compensation will be carried out at 'NBC Bank' and 'United Credit Bank' OJSC by Deposit Insurance Fund in accordance with the legislation on population's insured deposits.