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    Suspended Azerbaijani banks intend to apply to the Supreme Court

    Director of the Department Shahin Nagiyev: This is our last attempt

    Baku. 8 June. REPORT.AZ/ 'Atrabank' OJSC and 'Caucasus Development Bank' OJSC, whose license was revoked by the Central Bank of Azerbaijan (CBA), intend to appeal to the Supreme Court for the resumption of activities.

    Report was told by the Director of Legal Department of the 'Atrabank', Shahin Nagiyev.

    Notably, these banks are trying to return to the market by the consolidation. To do this, they appealed to the Baku Administrative-Economic Court No.1. The court ruled in favor of banks. After that, the CBA filed an appeal against the court's decision. Baku Court of Appeal granted the petition of the CBA, on May 10.

    According to him, they've already got the judgement of the Court of Appeal and will appeal appeal to the Supreme Court: "It is our last attempt, as the Supreme Court's decision is effective immediately. A lawyer from the Bar Association will be engaded in the case."

    Due to the decision of the Board of the Central Bank of Azerbaijan, licenses of these banks were revoked on January 27, 2016 for non-compliance with requirements for the minimum total capital, the lack of provision of reliable and prudential management.

    After the cancellation of licenses, the banks signed a protocol of intent on consolidation. The consolidation was expected to involve also 'Gunaybank', but then the bank soon expressed itsintention to continue an independent activity.

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