The licensed on limited banking activities of 4 credit unions, Aslanli, Mixliqovaq, MaliyyeKreditIttifaqi and NofelKreditIttifaqi have been canceled.
According to the report of the Central Bank of Azerbaijan, the reason for this was a failure to provide CBA with their financial statements and the auditor's conclusion confirmed for 2013. Furthermore, these unions without good reason did not provide CBA with reports on the results of the two most recent reporting periods.
The credit union Aslanli (Yardimli) received its license to operate on 2 July 2004, its analogue Mixliqovaq (Gabala) – on June 30, 2006, MaliyyeKreditIttifaqi (the Khazar district of Baku) - February 18, 2011, and NofelKreditIttifaqi (Sheki) – on May 23, 2011.
CBA's decision to revoke the licenses of the credit unions was taken on 28 October and will come into force on November 7 - 10 days later. On this occasion, the liquidation commission will be created.
According to CBA, 113 credit unions had licenses to operate as of October 1. --17D-
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