12:04 - 19.10.2023

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October 19, Fineko/abc.az. Cancellation of the banking license of Muğan Bank OJSC does not pose a threat to the financial stability of the banking sector, ABC.AZ reports, referring to the Central Bank of Azerbaijan.

CBA’s statement says that the share of Muğanbank in the assets of the country's banking system is 1.4%, in the loan portfolio — 2%, and in the liabilities of the sector — only 1.3%.

By CBA Board’s decision, the Bank’s license was canceled on October 19, a temporary administrator was appointed to the bank, and an application was filed with the court for the liquidation of the bank through bankruptcy.