The license of Ganjabank has been canceled. According to the information of the Central Bank (CBA), the interim management has been entrusted to the administrator appointed by the chief regulator of financial flows.
The CBA named the reasons for this step - Ganjabank did not fulfill the requirements for the minimum total capital, was unable to meet its obligations to creditors, and did not carry out activities in a safe and prudential manner.
This is not the first withdrawal of a license this year - a week ago, the license of JSC Bank of Azerbaijan was revoked. As in that case, the Central Bank urged the investors to remain calm, saying that the Azerbaijan Deposit Insurance Fund (ADIF) will reimburse them every manat. Recall, the CBA head Elman Rustamov spoke about the need to revoke the licenses of 5-7 banks for the purpose of consolidation.
JSC Ganjabank was created in 1994. The bank's shareholders are four individuals. The head of the Supervisory Board is Parvana Novruzova, and the Chairman of the Board is Elnur Hamidov. According to unofficial but well-known reports, this bank belongs to the Chairman of CJSC Azerbaijani Railways Javid Gurbanov. --17D-
Economics
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