April 28, 2020 / 3:12 PM / a month ago

Azerbaijan's cbank says revokes licenses of two banks

BAKU, April 28 (Reuters) - Azerbaijan’s central bank said on Tuesday it had revoked the licences of AtaBank and Amrakh Bank due to financial problems.

“The deterioration in the financial condition of these banks began a long time ago, in particular, AtaBank has long been unable to fulfil its obligations to return deposits,” the central bank said in a statement.

The bank said that total capital of both banks was below requirements. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Alex Richardson)

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