CBA: Günay Bank closure poses no threat to Azerbaijan’s banking sector

The specific share of the Baku-based Günay Bank, whose license was cancelled by the decision of Azerbaijan’s Central Bank (CBA), in the assets of the country's banking system is 0.6 per cent, in the loan portfolio - 1 per cent, and in liabilities of the sector - only 0.5 per cent.

The data came from the CBA after it decided to revoke the bank's licence on 16 May, Report informs.

"The cancellation of the banking license does not pose a threat to the financial stability of the banking sector," the Central Bank of Azerbaijan (CBA) said.

By decision of the Board of the Central Bank of the Republic of Azerbaijan dated 16 May 2023, Günay Bank's licence was revoked from 17 May 2023, and an application was filed with the court for the bank's liquidation through bankruptcy. Consequently, The CBA appointed a temporary administrator of Günay Bank, and all powers in the bank’s management staff were transferred to the temporary administrator.