"Bank BTB" will be transformed into an NCCO

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 BAKU.WS citing the regulator, the decision was made based on the bank's own request.

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 Bank Reorganization."

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 be serviced at ABB under the same conditions or returned to clients by this bank. ABB will also assume the rights of claims on loans and other obligations of "Bank BTB" clients.

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

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