Bank of Azerbaijan suffering financial difficulties

[Guest Deleted member]

Bank of Azerbaijan encounters problems due to low liquidity of assets

2014 May 21 ( Wednesday ) 11:57:39

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Русский Azərbaycan

JSC Bank of Azerbaijan even after the increase in the level of total capital to 50.426 million manat (the requirement of the Central Bank is 50 million manat) is experiencing hard times.

Recently Turan received several complaints of depositors are not able to withdraw funds from deposit accounts. In addition, several employees laid off work with the wording "provide unpaid leave for an indefinite period." Several branches of the bank suspended all operations.

In the bank they could not explain to Turan the causes of the incident, although the central bank on May 10 stated problems with liquidity of assets from Bank of Azerbaijan. The Chairman of CBA Elman Rustamov acknowledged that negotiations with the bank are held in order to solve the pressing problems.

According to experts, the bank faces problems similar to those experienced by the Bank Technique (former Texnika Bank) in early 2012, when the bank's management, including the Chairman of the Supervisory Board and one of the main shareholders, was taken into custody. Up until August 2012 at the extraordinary shareholders' meetings the Board was updated as well as the Supervisory Board and the Audit Committee and it was decided to hold a re-branding and the elimination of several subsidiaries. The team from the International Bank of Azerbaijan joined the bank and after rebranding reports by international rating agencies have recognized the improvement of its activities.

In Azerbaijan, there are several banks - candidates for license suspension, but not all are treated equally. Thus, the license of Kovsarbank was canceled twice - in 2001 and 2010 due to non-compliance with the CBA, but each time the head of the Central Bank told journalists on the restoration of its activities and working with the bank on an individual program to increase its capital.

JSC Bank of Azerbaijan started business under the name Rabbatbank on December 1, 1993. In 1998 it became Ish Bankasi Azerbaycan. In 2004, the Bank became a public company.

By May 1, 2014 profit of the bank amounted to 9.64 million manat. The Bank issued one million transport payment cards and 125,000 of them have already been sold.

The Bank owners are members of the family of the President of Baghlan Group Azerbaijan, Hafiz Mammadov.

Shareholders of Bank of Azerbaijan are his sons, Kanan Mammadov (43.63 %) and Sanan Mammadov (43.63 %), his brother Mubariz Mammadov (12.07%) and NEM Holding (0.67%). - 17D-

[Guest]

Av just posted that in. 9.30 thread pal

[shez owl]

Erm you not seen other thread?

[EcclesallOwl]

Yeah keep up grandad..

Articles nearly 2 months old

[Random Task]

Northern Rock's buggered

[Guest]

Past couple of days he's been doing a bit of trouble causing.

[RichieB]

Err what's it got to do with our Mammadov? He doesn't even own it, it's not his business, so what's the problem?

The Bank owners are members of the family of the President of Baghlan Group Azerbaijan, Hafiz Mammadov.

Shareholders of Bank of Azerbaijan are his sons, Kanan Mammadov (43.63 %) and Sanan Mammadov (43.63 %), his brother Mubariz Mammadov (12.07%) and NEM Holding (0.67%). - 17D-

[Guest Deleted member]

Wouldn't you assume that's where his money is?

[Random Task]

Wouldn't you assume that's where his money is?

If my family had a bank I'd keep my money well clear of it, thank you very much.

Edited July 6, 2014 by Random Task

[Guest Deleted member]

Apologies, I've just seen the date on the article.

This was tweeted by the Romain Molina guy lit ally a few minutes ago.

Feel free to delete, but I have to admit, I did poo myself a bit when I read it

[Sweet Shezza]

yes. doesn't look good

[Guest]

Apologies, I've just seen the date on the article.

This was tweeted by the Romain Molina guy lit ally a few minutes ago.

Feel free to delete, but I have to admit, I did poo myself a bit when I read it

yep, I went back and checked the date .

[RichieB]

Wouldn't you assume that's where his money is?

Not really, I'd assume that's where his families money is as they own the thing, nothing to do with him, I wouldn't take my brothers money from his business, and I wouldn't be responsible if his business went boobies up either, same thing here.

I'd assume his money is in his business's that he actually owns and takes the profit.

[Guest conisbrough]

Most of banking world has problems at current time. Ukraine crisis resulted in pressure being put on Banks and economies of countries which were part of former USSR. Same reason Mammadov Baghlan group credit rating was down graded. The group sell gas and oil and the one thing this guarantees is steady flowof cash so my undertsnading is these were temporary issues. Since this date Lens have received cash injection and he has bought Wednesday which suggests cash is available.

 

Really surprised this has resurfaced again.

[Guest mkowl]

Its all going Pete Tong

[stocksyuto]

is this report suggesting he is having money problems because a bank in that country is stuggling? he will be smart enough not to let his sons control his own money im sure. he'll bank in monaco or somewere else were the rich get richer

[Random Task]

Might explain why it seems to take him a while to move large quantities of money though.

If the bank is in trouble it might struggle to find the amounts he wants to withdraw.

[Guest mkowl]

Just wondering why Molina is tweeting this story today unless he didn't check the date either

[RichieB]

Just wondering why Molina is tweeting this story today unless he didn't check the date either

He either didn't know about it or check the date. Or he is wanting a bit of attention again. I'd say the latter.

[Rogers]

Don't rich people bank on the Isle of Man, Monaco, and Switzerland