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Best Days Behind Bank of Baku
On the background of the financial crisis Bank of Baku announced the closure of three of its metropolitan branches.
According to the information, the licenses of the branches May 28, Babek and Yeni Guneshli were canceled. According to experts of Turan IA, this is due to the fact that the bank preferred to extend the portfolio of consumer loans issued without collateral. And this has led to an increase in the proportion of problem loans, including overdue and "suspended" ones. Now there is a kind of recovery of the loan portfolio.
Recall that after today's announcement, the number of the bank's branches was reduced from 24 to 21.
JSC Bank of Baku received its banking license in 1994. Its shareholders are three businesses and two individuals. --17D-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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