Information of the Central Bank of the Republic of Azerbaijan on the voluntary cancellation of the bank license of Baku Branch of the National Bank of Pakistan

13-10-2022

13 October 2022, Baku: Guided by Articles 16.1.2 and 17.3 of the Law of the Republic of Azerbaijan “On Banks”, the Management Board of the Central Bank of the Republic of Azerbaijan, by its resolution dated 11 October 2022, revoked the license No. 248 granted to Baku Branch of the National Bank of Pakistan dated 30 June 2005, on the basis of an appeal of the National Bank of Pakistan acting as a foreign commercial bank.

The appeal of the National Bank of Pakistan on the voluntary cancellation of the bank license of Baku Branch comes from the decision taken as part of the commercial strategy of National Bank of Pakistan on withdrawal from financial markets of Central Asia and Azerbaijan.

In deciding to voluntarily revoke the license issued to Baku Branch of the National Bank of Pakistan, the Central Bank considered the Branch’s capability of fulfilling its obligations on the basis of the liquidation plan and submitted financial statements. Thus, as of 30 September 2022, the Branch's liquid assets (6.7 million AZN) are several times higher than its total liabilities (0.5 million AZN). The branch liquidator (General Manager of the Branch Sheikh Ahtsham Ahmed) carries out the process of voluntary liquidation, including the fulfillment of its obligations to creditors, in accordance with the legislation of the Republic of Azerbaijan and the liquidation plan of the Branch. The Central Bank supervises the liquidation process within its powers established by law.