Industry Banking Area served Azerbaijan Headquarters Baku Number of employees 622 Fate Bankruptcy | Defunct August 2, 2012 Website www.royalbank.az Founded 2 August 1993 Ceased operations August 2, 2012 | |
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Key people Azer Shahmardanov,
Chairman of the Supervisory Board Products Financial Services
Commercial Banking | ||
Royal Bank was a private commercial bank established as ÖZ BANK on 2 August 1993. The bank provided financial services for individual customers, small- and mid-size businesses. The last supervisory board took the control over the bank in 2004 and initiated a program on restructuring the financial and control systems.
Royal Bank was included into the Baku Stock Exchange in 2006. It had 32 regional branches including the branches in Baku.
On 12 July 2012, Central Bank of Azerbaijan cancelled the license of Royal Bank due to the unfulfilled liabilities and the written notifications of the Central Bank. On 2 August 2012, the Administrative Economic Court in Baku announced that Royal Bank went bankrupt.
References
Royal Bank (Azerbaijan) Wikipedia(Text) CC BY-SA