The local media reported the plans to merge several banks, including those, whose licenses were canceled last week.
It is alleged that as a result of the merger of the six, two banks will be formed. The negotiations regard NBC Bank, Credo Bank and Para Bank on the one hand and Atra Bank, Gunay Bank and Gafgaz Inkisaf Banki - on the other. A preliminary agreement on the union has been given by the Central Bank.
It is noteworthy that in addition to the liquidated banks, several others have problems with their aggregate capital.
The intention to consolidate was earlier announced by OJSC AG Bank and Demir Bank.
A lawyer in banking Akram Hasanov told Turan there are no legal restrictions on the association of banks, including those deprived of their licenses. In compliance with Article 29 of the Law of Azerbaijan on Banks, a written consent of the CBA is enough.
Recall that last week, the Central Bank revoked the banking licenses of NBC Bank, Atra Bank, Gafgaz Inkisaf Banki, United Credit Bank and Gandja Bank. --08B
Economics
-
Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
-
The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
-
Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
-
In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
Leave a review