18:58 - 28.04.2020

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April 28, Fineko/abc.az. Based on the decision of the Central Bank's Board dated 28 April 2020, the licenses of AtaBank and Amrahbank have been cancelled from this date.

ABC.AZ reports with reference to the Central Bank that the deterioration of the financial condition of those banks began long ago. In particular, AtaBank could not fulfill its obligations on the return of deposits of the population for a long time.

Thus, in compliance with Presidential Decree #1616 from 28 November 2019, after the liquidation of the Financial Markets Supervision Authority (FIMSA) and the withdrawal of the relevant powers established by law, it became known that as a result of inspections conducted by the CBA in both banks, the latter suffered serious financial losses, completely lost their capital and were in a state of bankruptcy. In the course of discussions with the banks’ shareholders, they were informed of the results of the inspections and were asked to further capitalize the banks, but they did not take advantage of this opportunity.