The Board of the Central Bank on February 1 eliminated the banking license of Tekhnika Bank JSC. The bank was preparing to celebrate its 22nd anniversary in February.
CBA's decision is justified by the bank’s not meeting the minimum requirements for total capital, low level of the adequacy of the total capital (3%) and not fulfilling its obligations to creditors. CBA reports that Tekhnika Bank could not manage its current activity safely and in compliance with the prudential requirements.
Recall that in October 2015 the former Chairman of the bank’s Supervisory Board, Etibar Aliyev returned to his post and regained a majority stake in the bank in January. These shares were issued in the name of the Luxembourg-based company Beaufort Investissements S.A. At present, it owns 87.06% of the shares of the bank. The bank's authorized capital amounts to 75.1 million manats.
From the beginning of 2016, CBA canceled the licenses of Bank of Azerbaijan, NBC Bank, Gafgaz Inkishaf Banki, Atra Bank, Gandja Bank and United Credit Bank. -----08D
Economics
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