Shareholders of Para Bank to Discuss Bank’s Transformation into Non-bank Credit Organization
An EGM of Para Bank’s shareholders has been scheduled for November 29. The meeting will address the issue of the bank’s transformation into a non-bank credit organization.
The shareholders will also discuss the fulfillment of obligations to depositors and credit institutions, approve the payment of dividends to shareholders, etc.
Para Bank was created in 1991. The bank's license was revoked by the decision of the Board of Directors of the Financial Markets Supervision House (FMSH) on 21 July 2016. Meeting the application of FMSH, Baku Administrative Economic Court forced the bank’s closure.
Vafa 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 AZN 32 million 936 thousand to the bank’s depositors. ------71D
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