Baku, January 27, AZERTAC

The Management Board of the Central Bank of the Republic of Azerbaijan has revoked the licenses of the OJSC Caucasus Development Bank and OJSC Atrabank as they failed to meet the minimum capital requirement, liabilities due creditors, and failed to reliably and prudentially manage their current activities.

The CBA appointed temporary administrators to the banks from 27 January 2016 onward in line with Articles 51 and 52 of the Law of the Republic of Azerbaijan on Banks.

The Central Bank of the Republic of Azerbaijan is hereby notifying that compensations on population’s deposits insured by the Deposits Insurance Fund will be paid at the OJSC Caucasus Development Bank and the OJSC Atrabank as per the legislation.