25 July 2024, Baku: According to the Decision of the Management Board of the Central Bank of the Republic of Azerbaijan dated July 24, 2024, the banking license issued to Nakhchivanbank OJSC for conducting banking activities was revoked accordingly with effect from this date upon the request of Nakhchivanbank OJSC in accordance with Articles 16.1.1 and 29 of the Law of the Republic of Azerbaijan "On Banks", as well as "Regulations on Reorganization of Banks" (Regulations), and a license for granting loans was issued to E-Credit Non-Bank Credit Institution LLC (NBCI) in accordance with Articles 10 and 11 of the Law of the Republic of Azerbaijan "On Non-Bank Credit Institutions".

Based on the financial statements for the last period of the current year, the financial indicators of Nakhchivanbank OJSC were satisfactory, and its liquid assets were several times in excess of liabilities. Thus, the transformation of Nakhchivanbank OJSC into NBCI was the result of the business decision of the Bank's shareholders and was implemented under the Regulations. In this regard, on May 22, 2024, the Central Bank issued a preliminary approval to Nakhchivanbank OJSC in the form defined by the Regulations. As part of the reorganization process, the plan of Nakhchivanbank OJSC to fulfill its liabilities to depositors and other creditors was approved and started to be implemented, as well as brought to the notice of the Bank's creditors. The balances on the accounts of individuals and legal entities that did not request the receipt of funds on their accounts (AZN 342,858.16 total) were transferred to a special account opened with the Central Bank, and Nakhchivanbank OJSC fulfilled its liabilities towards its other creditors.

The funds transferred to the special account opened with the Central Bank belong to 45 legal entities (total amount of AZN 5,794.14), 297 individual entrepreneurs (total amount of AZN 66,543.35) and 1918 individuals (total amount of AZN 270,520.67). From 25.07.2024, individuals may receive their account balances in cash, and individual entrepreneurs and legal entities may transfer their account balances to another bank accounts by approaching to the Office of the Central Bank of the Republic of Azerbaijan in the Nakhchivan Autonomous Republic (32 Jalil Mammadguluzade Street, Nakchivan city) and to the administrative building of the Central Bank located at 27 Bul-Bul Avenue, Baku city.

We would like to inform you that in accordance with the above mentioned decision of the Central Bank Management Board, all assets of Nakhchivanbank OJSC at the time of its license revocation, including credit claims, have been transferred to its legal successor E-Credit Non-Bank Credit Organization LLC. E-Credit Non-Bank Credit Organization LLC will carry out its activities at the previous legal address of Nakhchivanbank OJSC, whose license has been revoked (27 Jalil Mammadguluzade Street, Nakhchivan City, Nakhchivan Autonomous Republic).