Finance

Finance

Kovsar Bank intends to restore activity

09 January 2012 13:07 (UTC +04:00)

Baku. Elnur Huseynguluyev – APA-Economics. Kovsar Bank, which license has been revoked by the Central Bank of Azerbaijan, intends to restore it until March, 2012, said Heydar Ibragimov, who is currently operating as board chairman of the bank.

To him, the bank expects completion of the liquidation committee: “After the trial, Kovsar Bank intends to go to the world with the CBA. We are doing everything possible to restore the bank’s license, trying to solve this issue in the next two months”.

Remind that, under the decision of the Board of CBA, on December 1, 2010, license of Kovsar Bank had been abolished, since its minimum total capital did not meet the requirements, but also due to violation of banking laws, including non-implementation management and ongoing activities in a safe and prudential manner.

Besides, CBA has appointed temporary administrators at Kovsar Bank.

Remind also that, Kovsar Bank was established in 1989 as a Universal Bank. As of October 1, 2010, bank’s assets amounted to AZN 21.843 million, deposit portfolio – AZN 3.165 million, population deposits – AZN 1.307 million, total capital – AZN 12.491 million, authorized capital – AZN 12.020 million. Kovsar Bank acts on the principles of Islamic banking and therefore does not give out loans at interest.