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Friday, July 20, 2018

Central Bank of Azerbaijan denies revoking Bank of Baku license

The Central Bank of Azerbaijan has released a statement of information refuting recent reports by media outlets that it has revoked the license of the Bank of Baku.

"The Central Bank is notifying that the financial stance of the Bank of Baku OJSC is stable, the liquidity position is high, and the capitalization level is adequate. There is no foundation for concerns by bank's depositors and creditors," the CBA said. "Accordingly, the Central Bank is notifying once again that the Bank of Baku OJSC is operating in an ordinary and usual course, revocation of the bank license is far from the truth and this issue is not on the agenda at all."

Established in 1994, the Bank of Baku is one of the leading financial institutions in Azerbaijan. The bank provides products and services to all segments of the market, including institutions, SMEs and individuals.