Uzbekistan has adopted a law regulating the procedures for liquidating banks, the Ministry of Justice announced, citing the official document.
A bank may initiate voluntary closure if it is solvent or poses no risk of insolvency. Such liquidation requires approval from the Central Bank.
In cases of compulsory closure, the Central Bank’s board makes the decision. In this scenario, the bank’s assets and liabilities are either transferred to another financial institution or sold off.
«Compulsory liquidation may proceed either through judicial or extrajudicial channels,» the Ministry of Justice stated.
Earlier, Kursiv Uzbekistan reported that Tajikistan’s Orienbank is exiting the Uzbek market.
