Azernews.Az

By Fatma Babayeva

Financial Market Supervisory Body is not considering the possibilities on withdrawing licenses or appointment of the administrators to the other banks, except Bank Standard, Rufat Aslanli, the chairman of the Board of Directors said at the press conference on May 3.

The Supervisory Body currently controls all 37 banks of the country in the preventive regime. The agency is not only responding to any events that occur, but also addresses the issues that the banks of Azerbaijan come across, the chairman said.

He further added that the Supervisory Body is ready for any problem that may occur in the banks from both institutional and financial perspectives.

The Azerbaijani government has all necessary financial and administrative resources in order to resolve such issues in a preventive way, added Aslanli.

In addition, a temporary administrator has been appointed to the Bank Standard after May 3 in accordance with the decision of the Board of Directors of the Financial Market Supervisory Body.

At the moment, 37 banks hold license to carry out banking activity.

Since the beginning of the current year, the Central Bank of Azerbaijan has already withdrawn licenses of six banks which are AtraBank, Caucasian Development Bank, Texnika Bank, Gandja Bank, Bank of Azerbaijan and the United Credit Bank.

During the recent years, Azerbaijan has been implementing the plan on consolidation of country’s banks which allows stabilizing banks that deliberately decided to merge, to increase their share in the market and to get more revenues.

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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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