License of Mugan Bank revoked

According to the decision of the Management Board of the Central Bank of Azerbaijan (CBA), the license of Mugan Bank OJSC was canceled, Report informs, citing the regulatory body.

The reason for this is that the total capital of the Bank is less than the minimum requirement (50 million manats, $29.41 million), and adequacy ratio is less than 3%, it does not carry out its current activities in a reliable and prudent manner, as well as the internal management and control procedures are not adequate.

Mugan Bank was established in 1992.