We would like to clarify the inclusion of Yelo Bank’s name in
the 20th sanctions package of the European Union (EU).
Yelo Bank has always conducted its operations in full compliance
with both international regulations and the legislation of the
Republic of Azerbaijan. The Bank continues to strictly adhere to
the sanctions regimes of the U.S. Department of the Treasury
(OFAC), the European Union, and the United Nations, as well as
international AML/CFT standards and local regulatory
requirements.
The mentioned decision is purely technical in nature and relates
to the use of an interbank financial messaging system. Although our
Bank had joined this system long ago, it has now officially
terminated cooperation and does not carry out any transactions
through this platform.
As an Azerbaijani bank with 100% local capital, our primary goal
is to support the development of micro, small, and medium-sized
enterprises in the country and to provide the population with
banking solutions that make everyday life more convenient.
Currently, Yelo Bank maintains a high level of financial stability.
According to the results of the first quarter of the year, the Bank
has sustained growth dynamics in both profitability and capital
stability. Total capital has increased to 177 million AZN, the
total capital adequacy ratio stands at 13.48%, and the Tier 1
capital adequacy ratio is 11.69%—both exceeding regulatory
requirements.
All our services and operations continue as usual.
Official procedures have already been initiated with the
relevant authorities and legal institutions to review and revoke
this matter. We are confident that this misunderstanding will be
resolved in the near future.
