the Financial Markets Supervisory Authority told APA-Economics that the bank will be reorganized through Azer-Turk Bank OJSC, of which 75% of shares was owned by the state. According to the program, Bank Standard’s management will be reorganized by August 3, 2016 and since that time, the bank’s activity will be restored in accordance with the business strategy.
Fund allocated for bank to fulfil its obligations before the clients. The funds were allocated by Azer-Turk-Bank through financial support of the Central Bank of Azerbaijan for a year. In connection with the expiration of date of the moratorium on July 4, 2016, relevant restrictions have been lifted and legal entities and individuals may use their funds.
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