"Bank of Azerbaijan" declared bankrupt

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--

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