The Central Bank of the Republic of Azerbaijan announced that it has cancelled, on a voluntary basis, the licence of “TBC Kredit” non-bank credit organisation LLC, after the firm applied for licence withdrawal in connection with a change in TBC Bank Group’s strategy and the planned cessation of the entity’s activities in Azerbaijan. The central bank’s Board adopted the decision on 17 July 2025 under Article 25.1.1 of the Law on Non-bank Credit Organisations. Based on the organisation’s reports, the central bank said TBC Kredit had no obligations to individuals as of the relevant date. Under Article 25.4, the organisation must stop operating from the date the decision enters into force and will be liquidated in accordance with the Civil Code. The notice also referenced a 15 July 2025 meeting between First Deputy Governor Aliyar Mammadeyarov and Spartak Tetrashvili of TBC Bank Group, where the parties discussed financial system trends, strategic challenges for sector development and the group’s potential future return to Azerbaijan’s financial sector.
Central Bank of the Republic of Azerbaijan 2025-07-18
Central Bank of the Republic of Azerbaijan cancels TBC Kredit non-bank credit organisation licence on a voluntary basis
The Central Bank of the Republic of Azerbaijan has cancelled the licence of "TBC Kredit" non-bank credit organisation LLC following the firm's application for withdrawal due to a strategic shift by TBC Bank Group. Effective 17 July 2025, this mandates TBC Kredit's cessation and liquidation under the Civil Code. A recent meeting between First Deputy Governor Aliyar Mammadeyarov and TBC Bank Group's Spartak Tetrashvili discussed financial trends and the group's potential future return to Azerbaijan.