17 August 2016 17:11 (UTC+04:00)
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By Nigar Abbasova
Two Azerbaijani banks Caucasus Development Bank and Atrabank have been declared bankrupt, Azerbaijan Deposit Insurance Fund (ADIF) reported on August 17.
The decision on the bankruptcy was taken by the Baku administrative-economic court 1. ADIF has been appointed a liquidator of the two banks.
The Central Bank of Azerbaijan (CBA) revoked licenses of the banks on January 27, 2016 due to their failure to meet the minimum aggregate capital requirement, which stands at 50 million manats ($31.8 million) as well as default of obligations to creditors.
The CBA appealed to the Baku administrative-economic court 1 …
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