
The Central Bank of Azerbaijan (CBA) announced the revocation of licenses of two commercial banks - the OJSC Atrabank and the Caucasus Development Bank. A decision to revoke the license was taken due to the fact that the total capital of both banks did not meet the minimum requirements of the Central Bank (50 million manat), and they could not meet obligations to creditors, reads the information of the CBA. Today temporary administrators have been appointed to the banks. The Azerbaijan Deposit Insurance Fund will pay the banks’ customers a compensation for insured deposits. Over the last week the Central Bank revoked the license of four banks - Gandja Bank, Bank of Azerbaijan, United Credit Bank, and NBCBank. The number of banks licensed by CBA was reduced to 37. Demirbank and AGBank announced on the eve of the merger. -06D--
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