CBA cancels license of one of banks
The Central Bank of Azerbaijan (CBA) has cancelled the license of EuroBank JSC and appointed an interim administrator at Azerbaijan Credit Bank JSC.
This decision was made during the board meeting of the CBA on July 10.
Previously, the activities of EuroBank were limited due to non-compliance with the CBA requirements for the minimum amount of total capital (50 million Azerbaijani manats).
Azerbaijan Credit Bank JSC also has serious shortcomings in its activities. The bank is not managed prudentially and doesn’t fulfill the mandatory requirements of the CBA, including those on minimum total capital.
“Therefore, the activities of Azerbaijan Credit Bank have been limited,” the CBA reported.
Azerbaijan Credit Bank JSC has been operating in Azerbaijan since Dec.29, 2005.
EuroBank was established on the basis of re-organization of Azinvestbank.
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