One more bank closed in Azerbaijan

Baku. 25 January. REPORT.AZ/ In accordance with decision of Managerial Board of the Central Bank of Azerbaijan Republic (CBAR), banking license of 'Ganjabank' OJSC was cancelled due to failure to comply with statutory minimum total capital requirement, its obligations to creditors, manage current activity in a safe and prudential manner.

Report informs referring to the CBAR, in accordance with Articles 51 and 52 of law 'On Banks', on January 25, temporary administrator appointed at the bank.

CBAR said that payment of compensation will be carried out at 'Ganjabank' OJSC by Deposit Insurance Fund in accordance with the legislation on population's insured deposits.