Azerbaijan’s Central Bank has cancelled the banking licenses of United Credit Bank and NBC Bank, Radio Azadliq (Radio Free Europe/ Radio Liberty reported on January 26).
According to the Central Bank statement, the reasons for license cancellations are the same: failure to comply with the minimum capital requirement, inability to fulfill its obligations to creditors and lack of reliable and prudential management of current activity.
A temporary administrator was appointed to these banks.
Both banks’ deposits were insured by the Deposit Insurance Fund, which will pay the compensation in accordance with the law, Central Bank said in a statement.
