One more bank to close in Azerbaijan

Baku. 15 July. REPORT.AZ/ In accordance with the decision of the Executive Board of the Central Bank of Azerbaijan Republic (EB CBAR) dated July 10, 2015, in regard with failure to comply with the requirements of the minimal amount of capital, as well, failure to fulfill its obligations to creditors and to comply with written instructions given by the CBAR, banking license issued by the Central Bank of Azerbaijan Republic to "Azerbaijan Credit Bank" JSC has been revoked.

Report informs referring to the information given by the CBAR, the decision on the cancellation of the banking license will come into effect on July 16.

According to the information, a temporary administrator appointed on July 13 by the CBAR to "Azerbaijan Credit Bank" carry out the management of the bank.

CBAR reiterates that, there is no danger for the population's deposits and cash in the "Azerbaijan Credit Bank" and the bank has sufficient liquid funds to repay. At the moment, the process of repayment of deposits began in the bank.