We would like to clarify the inclusion of Yelo Bank’s name in the 20th sanctions package of the European Union (EU).
Yelo Bank has always conducted its operations in full compliance with both international regulations and the legislation of the Republic of Azerbaijan. The Bank continues to strictly adhere to the sanctions regimes of the U.S. Department of the Treasury (OFAC), the European Union, and the United Nations, as well as international AML/CFT standards and local regulatory requirements.
The mentioned decision is purely technical in nature and relates to the use of an interbank financial messaging system. Although our Bank had joined this system long ago, it has now officially terminated cooperation and does not carry out any transactions through this platform.
As an Azerbaijani bank with 100% local capital, our primary goal is to support the development of micro, small, and medium-sized enterprises in the country and to provide the population with banking solutions that make everyday life more convenient. Currently, Yelo Bank maintains a high level of financial stability. According to the results of the first quarter of the year, the Bank has sustained growth dynamics in both profitability and capital stability. Total capital has increased to 177 million AZN, the total capital adequacy ratio stands at 13.48%, and the Tier 1 capital adequacy ratio is 11.69%—both exceeding regulatory requirements.
All our services and operations continue as usual.
Official procedures have already been initiated with the relevant authorities and legal institutions to review and revoke this matter. We are confident that this misunderstanding will be resolved in the near future.