Bank Of Baku

Two more credit unions closed in Azerbaijan

Two more credit unions closed in Azerbaijan
# 24 April 2009 15:50 (UTC +04:00)
Baku. Elnur Guseynguluev - APA-Economics. The Central Bank of Azerbaijan has revoked licenses of Apeks (Beylagan) and Bayandurlu (Baku) Credit Unions,

The central bank said these credit unions failed to conduct annual audits, to keep to economic regulations and to submit reports three times without good reason.

Azerbaijan Credit Unions Association Chairman Elchin Bagirov said the number of member credit union dropped to 46.
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