December 23, 2017 / 8:52 AM / in a year

Azeri's financial watchdog revokes DemirBank licence

BAKU, Dec 23 (Reuters) - Azerbaijan’s financial market watchdog said it had revoked the banking licence of DemirBank, which among the country’s 15 largest lenders by assets.

Azeri’s Financial Market Supervisory Authority said late on Friday it had decided to withdraw DemirBank’s licence as the lender’s capital adequacy ratio had fallen below required levels.

The bank, established in 1989, also failed to fulfil obligations it had with creditors, the watchdog said, adding it has already taken legal action to initiate bankruptcy procedures. (Reporting by Nailia Bagirova; Writing by Andrey Ostroukh; Editing by Edmund Blair)

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