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
Economics
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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Bulgaria considers Azerbaijan a key strategic partner in the energy sector, as the country plays a crucial role in diversifying gas supplies and strengthening regional energy security, Bulgaria’s newly appointed Energy Minister Jecho Stankov said during a meeting with an Azerbaijani delegation.
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Rovshan Najaf, president of Azerbaijan’s state oil company SOCAR, met with Majid Jafar, CEO of Crescent Petroleum, on February 6 to discuss potential avenues for collaboration in the energy sector. The meeting marked an important step in strengthening ties between the two companies, with both sides exchanging insights on their respective operations and assessing opportunities of mutual interest.
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Rovshan Najaf, president of the State Oil Company of Azerbaijan (SOCAR), met with Sašo Berger, chairman of Slovenian energy company Petrol dd, and Simon Urbanc, CEO of Geoplin doo, on February 6, underscoring growing cooperation in the natural gas sector between Azerbaijan and Slovenia.
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