By the decision of the Management Board of the Central Bank of Azerbaijan (CBA), based on the application of “Nakhchivan Bank” OJSC, its license was revoked, and a license was granted to “E-Kredit” LLC, a non-bank credit organization (BOKT) created on the basis of the bank.
Publika.az reports about this with reference to CBA.
According to the financial reports of the past period of the current year, the financial indicators of “Nakhchivanbank” OJSC were satisfactory, and its liquid assets exceeded the creditor obligations several times. Thus, the transformation of “Nakhchivanbank” OJSC into BOKT resulted from the business decision adopted by the bank’s shareholders and was carried out based on the Rules. In this regard, on May 22, 2024, the Central Bank gave advance consent to “Nakhchivanbank” OJSC in the form prescribed by the Regulations. Within the framework of the reorganization process, the plan for the fulfillment of obligations to its depositors and other creditors by “Nakhchivanbank” OJSC was approved and started to be implemented, and the bank’s creditors were informed. In this framework, the balances on the accounts of individuals and legal entities who did not apply for obtaining the funds in their accounts (the equivalent of 342,858.16 manats in total) were transferred to a special account opened in the Central Bank, and the obligations to other creditors were executed by “Nakhchivanbank” OJSC.
The balances transferred to the special account opened in the Central Bank belong to 45 legal entities (total equivalent to 5,794.14 manats), 297 individual entrepreneurs (total equivalent to 66,543.35 manats) and 1,918 individuals (total equivalent to 270,520.67 manats). From 25.07.2024, natural persons can transfer their account balances in cash, and individual entrepreneurs and legal entities can transfer their account balances to another bank account to the Nakhchivan Autonomous Republic Office of the Central Bank of the Republic of Azerbaijan (Nakhchivan city, Jalil Mammadguluzade Street, 32) and Baku city , they can get it by applying to the administrative building located at Bul-Bul avenue 27.
We inform you that with the aforementioned decision of the Board of Directors of the Central Bank, all the assets of “Nakhchivanbank” OJSC at the time of cancellation of its license, including credit claims, have been transferred to its legal successor, “E-Kredit Bank Olmayan Credit Organization” LLC. “E-Kredit Non-Bank Credit Organization” LLC will carry out its activities at the previous legal address of “Nakhchivanbank” OJSC, whose license was canceled (Nakhchivan Autonomous Republic, Nakhchivan city, Jalil Mammadguluzade Street 27).
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