Finance

Finance

Kovsar Bank intends to resume activity soon

20 February 2012 13:34 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Kovsar Bank, which license was revoked by the Central Bank of Azerbaijan, intends to resume work, soon.

Heydar Ibragimov, who serves as chairman of the bank says the bank expects the completion of the trial: â€œAfter the trial Kovsar Bank intends to resume work. Negotiations are underway in this regardâ€.

Remind that, under the decision of the Board of CBA on December 1, 2010, License of Kovsar Bank was abolished, since its minimum total capital did not meet the requirements, but also because of violations of banking laws, including the non-exercise control and ongoing activities in a safe and prudential manner. Besides, CBA appointed temporary administrators for Kovsar Bank.

Remind that, Kovsar Bank was established in 1989 as a Universal Bank. The bank’s assets as of October 1, 2010, amounted to AZN 21.843 mln, deposit portfolio â€“ AZN 3.165 mln, population deposits â€“ AZN 1.307 mln, total capital â€“ AZN 12.491 mln, authorized capital â€“ AZN 12.020 mln. It operates 2 branches, 1 ATM and 25 employees across the country. Kovsar Bank acted on the principles of Islamic banking and therefore did not give out loans at interest.