Royal Bank (Azerbaijan)

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Royal Bank
Industry Banking
Fate Bankruptcy
Founded August 2, 1993
Defunct August 2, 2012
Headquarters Baku, Azerbaijan
Area served
Key people
Azer Shahmardanov,[1]
Chairman of the Supervisory Board
Products Financial Services
Commercial Banking
Number of employees

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.[3]

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.[4]

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