Bank BTB to Be Transformed into non-bank credit organization

The Board of the Central Bank of Azerbaijan has approved the reorganization of "Bank BTB" and its transformation into a non-bank credit organization (NBCO).

As reported by Report citing the regulator, the decision was made based on an application from the bank itself.

It is noted that the process of transforming the bank into an NBCO will be carried out under the supervision of the regulator in strict accordance with the procedures established by the "Rules for the Reorganization of Banks."

As part of the reorganization, an agreement on the transfer of assets and liabilities has been signed between "Bank BTB" and the International Bank of Azerbaijan (ABB), the country's largest bank by asset volume. According to the document, deposits of individuals and legal entities, with their consent, will continue to be serviced by ABB under the same conditions or returned to clients by this bank. Additionally, ABB will take over the rights to claims on loans and other obligations of "Bank BTB" clients.

The Central Bank emphasized that the reorganization process will not pose risks to the bank's creditors and depositors.

It should be noted that "Bank BTB" accounts for approximately 0.6% of the assets, 0.9% of the loan portfolio, and 0.6% of the liabilities in Azerbaijan's banking system.