Two banks shut down
Two banks have halted operation in Azerbaijan, according to the
central bank`s decision.
The licenses of AtlantBank and PochtBank were invalidated over their failure to meet national banking legislation. The decision was passed at a board meeting of the National Bank of Azerbaijan last Wednesday, the NBA said.
AtlantBank had failed to comply with the requirement on the minimum capital stock, while PochtBank completely lost its solvency.
The measure reduces the number of banks operating in the country to 44. The banks shut down were not playing a major role in Azerbaijan`s banking sector, according to the NBA.
The licenses of AtlantBank and PochtBank were invalidated over their failure to meet national banking legislation. The decision was passed at a board meeting of the National Bank of Azerbaijan last Wednesday, the NBA said.
AtlantBank had failed to comply with the requirement on the minimum capital stock, while PochtBank completely lost its solvency.
The measure reduces the number of banks operating in the country to 44. The banks shut down were not playing a major role in Azerbaijan`s banking sector, according to the NBA.
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