Central bank of Azerbaijan announced reasons of withdrawal of Royal Bank license
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Bank of Azerbaijan (CBA) officially confirmed that by the decision of the Board of July 12, 2012 a banking license was withdrawn from Royalbank.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
-
But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
-
Environmental, Social, and Corporate Governance (ESG) principles have emerged as a transformative force in modern business practices, reshaping priorities across industries. This was a key theme highlighted by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), at the conference "Labor Relations, Occupational Safety, and Human Resources as Key ESG Approaches," held on Monday in Baku.
-
A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
-
The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
Leave a review