CBA revokes licenses of five credit unions

The Central Bank of Azerbaijan (CBA) has revoked five licenses to conduct limited banking operations previously issued to the country’s credit unions, the CBA said.

The CBA Board’s decision, dated Aug. 11, revoked licenses issued to Ilham Kredit Ittifaqi on Oct. 31, 2003, in the Imishli region; to Araz-Kredit Ittifaqi on Jan. 8, 2004, in the Lankaran region; Culfa Kredit Ittifaqi on April 8, 2004, in the Julfa region; Alimerdanli Kredit Ittifaqi on Feb. 15, 2005, in the Tovuz region; and Xosh Heyat-Kredit Ittifaqi on April 7, 2006, in Baku.

According to the report, the decision was made in view of the suspension of banking operations for a period of one year, regular violations of economic regulations norms despite repeated official notices, and the failure to conduct an annual audit.

A liquidation committee was created for the license revocations, and the liquidation process is underway.


/Trend/