Azerbaijan president approves amendments on state-owned credit institutions

Decisions on the reorganisation or liquidation of state-owned banks and non-bank credit institutions in Azerbaijan will now be made directly by President Ilham Aliyev.

The Azerbaijani president on January 8 approved amendments to the “Procedure for State Participation in the Management of Banks and Non-Bank Credit Institutions with State-Owned Shares in Their Charter Capital,” Caliber.Az reports via the presidential website. 

Under the changes, the Ministry of Economy is required to coordinate with the president on matters related to the credit institution’s charter and the size of its authorised capital.