Demirbank's foreign shareholders to participate in liquidation process
Financial Markets Supervision Chamber appealed to the Steering Group of the International Committee of Creditors on liquidation of Demirbank OJSC.
In response to APA-Economics's inquiry, the Chamber noted that the goal was to carry out the liquidation process more transparently, effectively in accordance with international practice.
The Financial Markets Supervision Chamber decided on December 22 to revoke the license of Demirbank. The decision was made by the Chamber in accordance with Article 16.1.6-16.1.8 of the Law of the Republic of Azerbaijan "On Banks" for the fact that the total amount of the aggregate capital of the bank is lower than the minimum amount of capital defined for banks and the adequacy ratio of aggregate capital is less than 3 (three) percent reflected in the legislation, as well as the bank failed to meet its obligations to creditors.