Liquidator of closed banks determined

/By Azernews/

By Nigar Abbasova

Azerbaijan Deposit Insurance Fund (ADIF) has been appointed a liquidator of four banks, the licenses of which were abolished in accordance with the decision of the Financial Market Supervisory Board on July 21, 2016.  

Azad Javadov, Executive Director of ADIF said that the court appointed the Fund a liquidator of Zaminbank, Dekabank, Kredobank and Parabank. He also mentioned that the Fund will implement the valuation of assets.

The Fund is currently engaged in the liquidation process of Texnikabank and Bank of Azerbaijan.

Earlier, the Fund reported that it will sell properties of liquidated banks at auction.

The closure of the banks is expected to reduce the risks for the banking sector, as well as strengthen the financial stability, increase the confidence and ensure the development of the financial sector.

ADIF operates since August 13, 2007.Currently, 33 banks have licenses for implementing banking activities in Azerbaijan.

Licenses of six banks including AtraBank, Caucasus Development Bank, Bank Technique, Ganja Bank, Bank of Azerbaijan and United Credit Bank, have been cancelled in early 2016.