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Caucasus Development Bank and Atrabank Declared Bankrupt

Two Azerbaijani banks, the Caucasus Development Bank and AtraBank, licenses of which were revoked by the Central Bank of Azerbaijan (CBA) in January 2016, have been declared bankrupt, said Azerbaijan Deposit Insurance Fund (ADIF) in a message Aug. 17.

The message said the decision on the banks’ bankruptcy has been made recently by the Baku Administrative-Economical Court No. 1. ADIF has been appointed the liquidator of the two banks.

The CBA revoked the two banks’ licenses on Jan. 27, 2016. The CBA had said the two banks’ licenses were revoked because their total capitals didn’t correspond to the minimum requirement of 50 million manats. The banks also couldn’t fulfill obligations to creditors, CBA explained. AtraBank began to operate in Azerbaijan in 1992 and the Caucasus Development Bank started operations in 1997.

Source: trend