Bank of Azerbaijan suffering financial difficulties

[stocksyuto]

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

exactly, why would he put his own money in a bank he has shares in.

Edited July 6, 2014 by stocksyuto

[RichieB]

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

This.

[Guest mkowl]

The crisis in Ukraine will have impacted, one of my clients in the Uk is owned by a US company but its operational centre is in that region. Its share price dropped by a third - though it has subsequently recovered

All this just adds to the jitters on this deal

[M Royds]

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-

This post is begging for Saxondale and Markowl interjection.

[Guest]

He's just gave his Spanish side 12 mill

[barton6435]

Sooner the league pull there fingers out the better. Don't think my ticker can take much more

[RichieB]

Not a chance in hell Milan didn't do this deal without seeing the proof of his wealth to not only buy the club, but be financially strong enough to run it.

[Nookiebear]

So it's met the Central banks requirement and as of 2 months ago was making a profit. Can't really see a promble here.

Edited July 6, 2014 by Nookiebear

[EcclesallOwl]

He's just gave his Spanish side 12 mill

Av heard its off

[Guest Deleted member]

As said, it's an old article. Didn't spot the date, it was just the ITK journalist posted it on twitter just now

[EcclesallOwl]

So it's met the Central banks requirement and as of 2 months ago was making a profit. Can't really see a promble here.

To be fair it could be making as much profit as it wanted and it could still go bankrupt

[Nookiebear]

To be fair it could be making as much profit as it wanted and it could still go bankrupt

As long as the dov's have got the cash who cares!

[Guest Big Guns]

The doom mongers are loving this they really hope it all falls through

[EcclesallOwl]

@ Laurentmazure: Regarding the "crisis" of the HM bank mentioned in the Azerbaijani media, we talk about unpaid wages in Baku.

Which is due to the management of the club, like at Lens.

@ Laurentmazure: Attention, opposition websites. However, journalists say qlqs purchase Sheffield => have cash increase pr ... (1/2)

@ Laurentmazure: the creditworthiness of Baghlan group. (2/2). # LT

[markowl]

This post is begging for Saxondale and Markowl interjection.

Why?

[daleblue]

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

 

 

[Guest Big Guns]

As said, it's an old article. Didn't spot the date, it was just the ITK journalist posted it on twitter just now

Does that mean your bringing of doom as been scupperd he he he

[GY-owl.4]

ffs lads,  worrying about 'uncontrollable's' gives you cancer i tell thee..

[M Royds]

Why?

I think you know why.

[bronxowl]

Can we assume this whole thing is off as expected?