BAKU, Azerbaijan, March 6. The Central Bank of
Azerbaijan has granted preliminary approval for Bank "BTB"
Joint-Stock Company to be reorganized as a non-bank financial
institution (NBFI) in accordance with legislation, Trend reports via the
Central Bank (CBA).
According to the Central Bank, the transformation will be
carried out under its supervision following the procedures outlined
in the “Rules on Bank Reorganization.”
As part of the process, Bank "BTB" JSC has signed an “Agreement
on the Transfer of Assets and Liabilities” with Azerbaijan
International Bank JSC (ABB), the country’s largest bank by asset
size. The agreement ensures that deposits of individuals and legal
entities at Bank "BTB" will either continue under existing
conditions at ABB or be returned by ABB. Rights to claim
outstanding loans or other obligations from Bank "BTB" clients will
also be transferred to ABB, which will handle all related payments.
Customers will be informed through official communication channels
of both banks.
The Central Bank emphasized that the reorganization poses no
risk to creditors, including depositors.
Bank "BTB" JSC holds a small share of the country’s banking
sector, accounting for 0.6% of total assets, 0.9% of the credit
portfolio, and 0.6% of sector liabilities.
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