Major bank`s license revoked
The license of a major Azerbaijani bank, RoyalBank, has been revoked upon a decision made by the Central Bank of Azerbaijan (CBA), the central bank said last Friday.
CBA said the decision was due to the bank`s failure to meet the requirement on the minimum amount of capital stock, comply with the obligations to its lenders, and carry out reliable activity and management.
RoyalBank board chairman Azer Shahmardanov told APA news agency that the license was suspended temporarily.
``The license may probably be reinstated soon,`` he said, adding that RoyalBank is in talks with the central bank to that end.
RoyalBank, whose founder is a US national, was established in 1993 as a joint commercial bank OZ Bank. It has 32 branches across the country.
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