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This is not the first withdrawal of a license this year - a week ago, the license of JSC Bank of Azerbaijan was revoked.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
-
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