Azerbaijan’s Parabank gets non-bank financial institution license
By Laman Ismayilova
Azerbaijan’s Parabank has acquired a license to operate as a non-bank financial institution (Para NBCO), Azerbaijan’s Financial Market Supervisory Authority reported on March 31.
The license of Parabank was revoked in 2016 due to the failure to comply with statutory minimum capital requirements of the regulator as well as to manage activities in a safe and prudent manner.
Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth over 43 million manats to depositors of Parabank.
Non-banking credit organizations ( NBCOs) provide certain types of banking services, but do not hold a banking license and are not eligible to accept deposits from the public.
Some 32 banks are currently implementing their activities in the country.
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