Bank Of Baku

National Bank says operation of Ahmedov & Co. Inc not illegitimate

National Bank says operation of Ahmedov & Co. Inc not illegitimate
# 27 March 2007 15:42 (UTC +04:00)
The National Bank of Azerbaijan held a meeting with representatives from Ahmedov &Co. Inc to discuss the complaints by citizens about the operation of company subsidiary in Azerbaijan.
NBA press service told the APA-Economics that the preliminary investigation concluded that the company offers investing services while its transactions are not in deposit form beyond statutory competence of the National Bank.
The requirements of the legislation of Azerbaijan on deposit operations were explained to the representative of the company.
Deposit operations can only be implemented by ANB-licensed banks. As from August, Deposit Insurance Fund will offer additional guarantee for savings put with banks by people. /APA-Economics/
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THE OPERATION IS BEING PERFORMED