The Financial Markets Control House (FMCH) of Azerbaijan has withdrawn the licenses of four local banks – Deka Bank, Credo Bank, Para Bank and Zamin Bank, the head of FMCH Rufat Aslanli said.
According to him, the decision was taken on 21 July. According to Aslanli, the reason for the withdrawal of the licenses is that “the assets of these banks are not classified in accordance with the law, they do not have the necessary reserves, and the total capital does not meet the minimum requirement of 50 million AZN.”
He also noted that these banks are members of the Deposit Insurance Fund, so investors will receive funds for insured deposits. The total amount of such deposits in these banks exceeds 140 million AZN (more than 40 thousand accounts). The money can be received a week later, after the liquidators of these banks are identified. These banks employed 450 people, and from 22 July temporary administrators have been appointed there. -02D-
Economics
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