BAKU, Azerbaijan, March 6. The Central Bank of Azerbaijan has granted preliminary approval for Bank "BTB" Joint-Stock Company to be reorganized as a non-bank financial institution (NBFI) in accordance with legislation, Trend reports via the Central Bank (CBA).
According to the Central Bank, the transformation will be carried out under its supervision following the procedures outlined in the “Rules on Bank Reorganization.”
As part of the process, Bank "BTB" JSC has signed an “Agreement on the Transfer of Assets and Liabilities” with Azerbaijan International Bank JSC (ABB), the country’s largest bank by asset size. The agreement ensures that deposits of individuals and legal entities at Bank "BTB" will either continue under existing conditions at ABB or be returned by ABB. Rights to claim outstanding loans or other obligations from Bank "BTB" clients will also be transferred to ABB, which will handle all related payments. Customers will be informed through official communication channels of both banks.
The Central Bank emphasized that the reorganization poses no risk to creditors, including depositors.
Bank "BTB" JSC holds a small share of the country’s banking sector, accounting for 0.6% of total assets, 0.9% of the credit portfolio, and 0.6% of sector liabilities.
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