Baku, Azerbaijan, Oct. 4

By Anvar Mammadov Trend:

Azerbaijans Zaminbank OJSC has been declared bankrupt, said
Azad Javadov, executive director of the Azerbaijan Deposit
Insurance Fund (ADIF).

Javadov made the remarks Oct. 4 at a press conference in
Baku.

We completed the assessment of Zaminbanks assets and were
forced to appeal to a court for the banks recognition as being
bankrupt, he said commenting on the sale of the banks assets in
the countrys insurance sector.

Zaminbank has a 24-percent share in Bashak-Inam insurance
company.

Since Zaminbank has assets worth 1.7 million manats (1.6138
AZN/USD on Oct. 4) in the insurance company, and there is a similar
amount of money on Bashak-Inams deposit account…

Read the full article at: http://en.trend.az/business/economy/2668169.html