Central Bank of Azerbaijan terminates Debutbank and Kovsarbank licenses

The Central Bank of Azerbaijan has terminated the licenses of "Debutbank" and "Kovsarbank", Trend reports.

The decision is connected with failure of these banks to meet requirements on minimal overall capital, violation of bank law. These banks didn't carry out the instructions of the Central Bank.

After the termination of licenses, the number of bank organizations in Azerbaijan is now 45.