The Central Bank has revoked the license of Azerbaijan Kredit Banki (AKB).
AKB failed to increase its minimum statutory capital to 50 million manat from 10 million manat as required by law, the Central Bank said in a statement.
The bank also failed on its obligations to creditors and didn’t comply with the Central Bank’s instructions, according to the statement.
The decision takes effect on July 16.
It was a second bank that was closed down in Azerbaijan this week.
The Central Bank said on Monday it had revoked the license of EvroBank for the same reasons.
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