Management of Bank Standard Given to New Board

The management of Bank Standard moves to the new Board on August 3. This date was determined by the Financial Markets Control House (FMCH) as the final deadline for the temporary administration of Bank Standard.

The appointed Chairman of the Supervisory Board of Bank Standard is Rumiya Mammadova, and members of the Board are Khayyam Aliyev and Elshad Shirinov. The appointed Chairman of the Audit Committee is Zamir Mammadov, and Raman Abishov and Asha Ahmadzadeh became its members. The appointed Chairman of the Board is Khalid Ahadov.

Given the systemic importance of the bank, on August 2 the management of AzTurk Bank met with the new Board of Bank Standard in FMCH. They discussed strategy for future development. The FMCH leaders presented their proposals and recommendations to strengthen the financial stability of Bank Standard and declared their readiness to provide necessary support to the new management.

On this occasion FMCH reminds that on July 4, 2016 it was decided on the reorganization of the controlling stake in the bank through AzTurk Bank. AzTurk Bank has proposed new members to the management bodies of Bank Standard, which was approved by the House.

The three-month period of the temporary administrator of the bank in the name of AzTurk Bank, which was announced on May 3, was substantiated by FMCH, saying that mistakes were made in the management of Bank Standard, and its financing of lowly efficient investment projects. All this led to an increase in problem assets and caused the deterioration of the financial situation of the bank. As a result the liquidity and capital position of the bank weakened and problems occurred in the implementation of commitments to creditors. -0-