ADIF sells property of liquidated banks in Azerbaijan
By Trend
Azerbaijan Deposit Insurance Fund (ADIF), with the assistance of the State Commodity and Raw Materials Exchange, held an open auction on Feb. 19 and Feb. 26 to sell a part of the property of several liquidated banks, the ADIF said in a message March 1.
Eight cars of different brands and models and four ATMs of Bank Standard CJSC, a land plot in the Shabran district and two ATMs belonging to Texnikabank OJSC, three cars of Kredobank, one non-residential site of Royalbank and two cars of Zaminbank were sold at the auction.
The licenses of the banks were revoked due to a discrepancy between their total capitals and the minimum capital requirement set for banks (50 million manats).
The banks also lacked the capacity to fulfill obligations to creditors.
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