Baku Administrative Economic Court №1 announced "Bank of Azerbaijan" bankrupt and bankruptcy proceedings began. The court decision on bankruptcy of this bank was made on February 1 this year. The information was reported by the Ministry of Taxes. The report said that "the liquidator” is appointed the Deposit Insurance Fund. With respect to bankrupt the bank has begun registration requirements, this process will continue until 5 April.
On 18 January the Central Bank abolished the license of "Bank of Azerbaijan". The cause of failure is non compliance with the minimum requirements of total capital, the adequacy of joint capital was less than 3%, obligations to creditors and others were not fulfilled.
The "Bank of Azerbaijan" was in the banking market since December 1993. Controlling stake in the bank controlled both sons of the businessman Hafiz Mammadov. --08D--
Economics
-
The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
-
Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
-
The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
-
In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
Leave a review