17:36 - 19.10.2023

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October 19 Fineko/abc.az. The Central Bank revoked the license from Muğanbank. All the powers to manage the bank have been transferred to the temporary administrator. According to the Central Bank, the share of this bank 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%. The figures show that the bankruptcy of Muğanbank does not pose a threat to the financial stability of the banking sector.

ABC.AZ reports that MP Vugar Bayramov wrote on his Facebook account. He noted that the Internet page of the bank declared bankrupt is also no longer active. Along with the figures announced by the Central Bank, a number of other indicators related to Muğanbank’s activity also attract attention. 

"As of September 1, 2023, Muğanbank ranked 16th among 24 banks operating in Azerbaijan in terms of assets. That is, it did not occupy the last places among banks in terms of assets. The bank's assets amounted to AZN 647.97 million. In addition, the bank had the worst indicator on the percentage of decline in assets. Muğanbank's assets decreased by 18.9% over the same period. On the other hand, in the first 9 months of this year, three banks were operating at a loss. Muğanbank, which registered a loss of AZN 1.287 million, was one of the three banks that remained without profit during that period," Bayramov said.