Licenses of 12 credit unions annulled in Azerbaijan

Baku. 6 January. REPORT.AZ/ Pursuant to decision of the Board of Directors of Financial Markets Supervision Chamber (FMSC) licenses of credit unions - Arzu, Azeriinvest, Canub, Ceyhun, Kompass, F.A.S., Hakari, Kredo-İnvest, Real, Tarakama, Tural and Yardımlı have been revoked.

Report was informed in the chamber, licenses revoked due to the fact that these credit unions didn’t comply with the rules of reporting, as well as their external audits for 2015 were not provided.

FMSC revoked licenses of credit unions in accordance with Regulation 4.4.4 of the "Rules of issue to the credit union a special permit (license) to perform banking activities" and Article 5.3.20 of the Chamber chapter.