Para Bank transformed into a non-bank credit organization
Closed Para Bank will be transformed into a non-bank credit organization, said the Financial Markets Supervision House (FMSH).
The report noted FMSH so agreed and the Board of Directors discussed the action plan.
The bank's license was canceled by the decision of the FMSH Board of Directors of 21 July 2016 based on the FMSH appeal to Baku Administrative Economic Court to force the closure of the bank.
Wafa Habibzadeh being the owner of the bank asked the appeals court to cancel the decision of the administrative-economic court. On October 25 the Baku Court of Appeal dismissed the appeal from Para Bank’s owner.
As of October 25, the Deposit Insurance Fund compensated the depositors of the bank 32 million 936 thousand manat. ----71D
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