Azerbaijan’s Central Bank revokes license of Texnikabank

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Baku, February 2, AZERTAC

The Board of Directors of Azerbaijan`s Central Bank (CBA) has revoked the license of Texnikabank as it failed to meet the minimum capital requirement, liabilities to its creditors, and also failed to reliably and prudentially manage its current activities.

The CBA appointed a temporary administrator to the bank from 2 February 2016 as provided in Articles 51 and 52 of the Law of the Republic of Azerbaijan on Banks.

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