Baku - APA-Economics. Azerbaijan Credit Bank’s licence has been cancelled under the decision #27 of the Central Bank of Azerbaijan dated to July 10, 2015.
Central Bank told APA-Economics that the decision was passed because the bank did not meet CB’s demand for total capital, could not perform the obligations before the creditors, as well as did not complied with the instructions of the Central Bank.
The decision on cancellation of the bank’s licence will come into force on July 16, 2015.
As it was informed, the Central Bank appointed a temporary administrator to the bank on July 13.
Central Bank once more announces that there is no threat for deposits in Azerbaijan Credit Bank.
Currently the bank is executing the deposit return process.
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