The Netherlands Development Finance Company (FMO) spokesman Paul Hartogsveld commented on closure of Azerbaijan-based Demirbank OJSC.
“We regret the fact that Demirbank has entered into this position and therefore can no longer contribute to serving financial customers in Azerbaijan”, he said.
The EBRD owned a 25% stake in Demirbank, and had been considering an increase. FMO owned a 10% stake.
Demirbank’s licence was revoked on December 23, 2017.