Two more banks closed in Azerbaijan

Baku. 27 January. REPORT.AZ/ According to the decree of the Executive Board of the Central Bank of Azerbaijan Republic (CBAR) dated 27 January 2016, banking licenses of "Caucasus Development Bank" OJSC and "Atrabank" OJSC have been revoked due to failure to comply with the statutory minimum capital requirement, shortages to fulfill its obligations to creditors, for failing to manage the current activities in a safe and prudent manner.

Report informs referring to the CBAR, in accordance with 51 and 52 Articles of the Law "On Banks", temporary administrator was appointed to these banks today.

According to the Central Bank, "Caucasian Development Bank" OJSC and "Atrabank" OJSC are members of Deposit Insurance Fund member banks and the Fund will pay stock compensation on deposits in accordance with the law.