Bank Of Baku

CB prepares procedure on closing of commercial banks

 CB prepares procedure on closing of commercial banks
# 07 June 2013 11:17 (UTC +04:00)

 

Baku. Vahab Rzayev – APA-Economics. Central Bank of Azerbaijan works on determination of procedure on closing of commercial banks with the authorized capital not meeting the requirement on the minimum total capital, said the Deputy Chairman of Central Bank Khagani Abdullayev. 

 

Note that the total capital of commercial banks must reach AZN 50 mln by January 1, 2014. For this purpose, the banks must increase the current capital or be consolidated with other banks. On the contrary, the bank will be closed or change to non-banking organization.

 

Abdullayev says the CB will determine the procedure on closing of the banks not fulfilling the requirement.

 

 

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THE OPERATION IS BEING PERFORMED