Azeri bank shut down over violations
BAKU – Azerbaijan’s Central Bank has revoked the license of the local Birlikbank over violations of the country’s banking laws.
It said the violations included a failure to ensure reliable operation and management and to comply with the Central Bank’s repeated warnings.
Birlikbank, which was founded by 20 private individuals, has been in operation since 1993.
44 banks are currently operating in Azerbaijan, and only one of them is state-owned.
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