Another bank becomes bankrupt

The bank JSC «United Credit Bank» has been officially declared bankrupt. According to the decision of the Baku Administrative-Economic Court N1, published by the liquidator (LLC Azerbaijan International Legal Company) in the official press, the bank's creditors have the right within 2 months to submit their claims in writing. The  United Credit Bank license was revoked by the Central Bank of Azerbaijan (CBA) on January 25 because of not matching the minimum total capital requirements of the Central Bank (50 million AZN.) In addition, the financial institution has not kept its obligations to creditors, and did not provide a reliable and prudential management.

JSC «United Credit Bank» with the authorized capital AZN 22.11 million  manat acted in the local market  since 30 April 1996 (former joint Russian-Azerbaijani Commercial Bank "Russian Credit". Several times its leadership  registered the issue prospectus of the State Committee for Securities, but unsuccessfully. Its main shareholder is the local structure of the United Business Company (88,79%), Ali Maraev - 8.24%,  and 2.97%  of shares - Ruslanbek Magomadov.-- 17D-