Opportunities for future cooperation between the financial and banking sectors of Pakistan and Azerbaijan were discussed, Governor of the Central Bank of the Republic of Azerbaijan Taleh Kazimov said.
“Today we met with Bilal Hayee, Ambassador of the Islamic Republic of Pakistan to the Republic of Azerbaijan and Sheikh Ahtsham Ahmed, General Manager of the NBP Baku (under liquidation) (National Bank of Pakistan Baku Branch),” Kazimov tweeted.
“We expressed our gratitude for activities of the branch and discussed possibilities for future cooperation between financial and banking sectors of Pakistan and Azerbaijan during the meeting.”
On October 13, 2022, the Central Bank of Azerbaijan canceled the license dated June 30, 2005, issued to the NBP Baku branch, based on the application of the National Bank of Pakistan, under Articles 16.1.2 and 17.3 of the Law “On Banks.” It resulted from the decision made within the framework of the commercial strategy of the National Bank of Pakistan to exit the financial markets of Central Asia and Azerbaijan.
When deciding on the voluntary cancellation of the license, the bank considered the possibility of fulfilling the obligations of the branch based on the liquidation plan and the submitted financial statements. Thus, as of September 30, 2022, the branch’s liquid assets (6.7 million manats or $3.94 million) exceed its liabilities (0.5 million manats or $294,425) several times. The liquidator of the branch (General Manager Sheikh Ahtsham Ahmed) will carry out the voluntary liquidation process under the law and the liquidation plan of the branch, including the fulfillment of its obligations to its creditors. The Central Bank will supervise the liquidation process within its powers established by legislation.