17:18 - 5.12.2023

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December 5, Fineko/abc.az. The loan portfolio of Nakhchivan regional bank, the only one in Azerbaijan, has been transferred to Kapital Bank, ABC.AZ reports with reference to the Central Bank of Azerbaijan (CBA).

However, the regulator stated that the sale of the portfolio does not mean that the bank's license will be revoked: "The decision is linked with the business strategy of the financial institution. The financial stability indicators of Nakhchivan Bank are within the limits of Central Bank’s regulatory requirements. The issue of revoking bank's license is not on agenda."

Nakhchivan Bank was founded in 2008. Its authorized capital is 94 million manats. 63.66% of bank's shares belong to Huseyn Mammadov, 26.52% to Rufat Mammadov (member of the Supervisory Board) and 9.82% to Binnet Novruzov (chairman of the Supervisory Board).