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BANKS KEEP CLOSING IN AZERBAIJAN

This article was published on 23 December 2017 at 07:58 PM. It has 226 views so far.

The Financial Markets Supervision Authority (FIMSA) of Azerbaijan made a decision to liquidate the license of Demir Bank OJSC from December 23, 2017.

As Turan was informed in the FIMSA, the license was liquidated due to the discrepancy between the bank’s aggregate capital and the minimum requirement established for banks, and because the adequacy ratio of the aggregate capital is lower than three percent stipulated by the legislation. The bank has lost the ability to fulfill its obligations to creditors.