DemirBank's license canceled

# 22 December 2017 20:32 (UTC +04:00)

The license of DemirBank Open Joint-Stock Company is withdrawn from December 23 according to the decision of the Board of Directors of the Financial Markets Supervision Chamber, APA-Economics reports.

The decision was made by the Chamber in accordance with Article 16.1.6-16.1.8 of the Law of the Republic of Azerbaijan "On Banks" for the fact that the total amount of the aggregate capital of the bank is lower than the minimum amount of capital defined for banks and the adequacy ratio of aggregate capital is less than 3 (three) percent reflected in the legislation, as well as the bank failed to meet its obligations to creditors.

"DemirBank" OJSC is a member of the Deposit Insurance Fund and the savings in this bank will be paid by the Fund. According to the decision of the Chamber, a temporary administrator has been appointed in the bank. The Chamber appealed to the court regarding the bankruptcy procedure for DemirBank.