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Demirbank licence withdrawn by Azeri watchdog

Azerbaijan's Financial Market Supervisory Authority canceled the banking licence of OJSC Demirbank based on the lender's lower-than-required capital adequacy ratio, Reuters reported Dec. 23.

One of the country's 15 largest lenders by assets, Demirbank failed to comply with its credit obligations and is facing litigation to initiate bankruptcy, the newswire said, citing the Azeri watchdog.