The Board of the Central Bank of Azerbaijan has decided to withdraw the licenses of commercial banks Debutbank and Kovsarbank.
According to the CBA, the decision is linked with both banks’ failure to meet the norm on minimum level of capitalization, violations of banking laws, including in the area of management and current activities. Temporary administration was appointed in the two banks.
Kovsarbank was the only lending institution, which positioned itself as an Islamic bank.
Kovsarbank was the only lending institution, which positioned itself as an Islamic bank.
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