Last Friday Central Bank of Azerbaijan (CBA) officially confirmed that by the decision of the Board of July 12, 2012 a banking license was withdrawn from Royalbank.
A source from CBA said that the decision was made, because the bank failed to observe demands of minimum level and adequacy of aggregate capital, non-fulfillment of obligations to creditors, including management and current activities of the banks were unreliable and did not observe the written directions of CBA.
Temporary administrator was appointed by the decision of CBA Board. He will be located in the main office of the bank.
US citizen of Iranian origin Al Cam is the main shareholder with 44.5% share in the capital in Royal Bank since 1993.
At present Azerbaijan has 43 branches of the bank, of which one is a state financial organization.-0-
Economics
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