DekaBank was formed as the first private bank in Azerbaijan in 1989. Until the collapse of the USSR, it served as a cooperative bank, whereas the Central Bank of Azerbaijan issued a license in 1992 which authorized the bank to offer all kinds of commercial banking services.[2]
The devaluation in 2015, along with the decline in oil prices on global markets, led to the collapse of Azerbaijan's banking sector.[3] By decision of the Board of Directors of the Financial Markets Supervisory Authority of the Republic of Azerbaijan dated 21 July 2016, DekaBank's banking licence was revoked.[4] A decision was taken to liquidate the bank and appoint the Azerbaijan Deposit Insurance Fund as its liquidator.[5]
See also
- Banking in Azerbaijan
- Central Bank of Azerbaijan
- List of banks in Azerbaijan
- Azerbaijani manat
- Economy of Azerbaijan
External links
References
- Banks.Az, DekaBank, retrieved 16 July 2012^
- Banks.Az, DekaBank, retrieved 16 July 2012 retrieved 16 July 2012^
- Several more banks to be closed Modern.az, 2017-03-16, retrieved 2025-12-08^
- Four banks’ licenses revoked in Azerbaijan Report Information Agency, 2016-07-22, retrieved 2025-12-08^
- Fund signed an agreement regarding liquidated banks Modern.az, 2018-04-04, retrieved 2025-12-08^