Up to six banks in Azerbaijan can be closed down as they have failed to comply with the Central Bank’s capitalization requirement, said Elman Rustamov, chairman of the Central Bank.

Two of the banks are foreign-owned, Rustamov said, adding that the central bank is in talks with the banks to increase their capitalization. The local banks can be closed down and turned into non-banking lenders, he said without giving any names.

The Central Bank last year raised fivefold the minimum consolidated capital required for banks to operate in the country to 50 million manat from 10 million.

Bakudaily.Az