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Azerbaijani Central Bank revoked the license of Bank of Azerbaijan
The Central Bank of Azerbaijan (CBA) has revoked the license of «Bank of Azerbaijan». According to the official announcement, Bank of Azerbaijan has not fulfilled the requirements of the minimum total capital (50 million manat.) The bank's capital adequacy ratio fell below 3%, the bank does not meet its obligations to creditors, did not carry out reliable operation, the report says. According to the Central Bank, the Azerbaijan Deposit Insurance Fund (ADIF) will compensate depositors the insured deposits (up to 30.000 manat.) The bank appointed a temporary administrator.
The Bank of Azerbaijan operates since 1993. The main shareholders are the sons of a businessman Hafiz Mammadov, also known by the nickname "Hafka", which in the last 3-4 years experienced great financial difficulties and lost part of its business. Hafiz Mammadov for many years has been a business partner of Ziya Mammadov, the Minister of Transport. -06D-
Economics
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