Financial Recovery of JSC Bank Standard Started

The Financial Markets Control House (FMCH) made a decision on the financial rehabilitation of JSC Bank Standard.

The FMCH press service told Turan the bank's rehabilitation will be carried out by means of Azer-Turk Bank (controlled by the state). This decision was made, taking into account the position of JSC Bank Standard in the financial market, the share of its assets, its social liabilities and systemic importance.

In line with the rehabilitation program, the management bodies of Bank Standard will be reformed by 3 August and from this date the bank will continue its banking operations in compliance with the business strategy.

The FMCH source added that the necessary financial resources have been allocated to fulfill Bank Standard’s financial obligations in front of the customers. With the financial assistance of the Central Bank, Azer-Turk Bank allotted a credit line to it for the period of 1 year.

From this day (July 4), in connection with the expiration of the moratorium on the payment of deposits, the restrictions on them have been canceled. All customers of the bank can manage their funds in JSC Bank Standard in their sole discretion, the report says.

Recall that FMCH appointed a temporary administrator to Bank Standard from May 3. A special program has been adopted to improve the bank’s financial position. ----08D