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Bank license revoked if conditions breached
Article 173 of the new Central Bank and Banking Law addresses the conditions under which a bank's license may be revoked and its registration canceled by a decision of the Board of Directors. These include: committing serious or repeated violations, adopting policies that harm the economic interest or the banking system, the bank ceasing its operations or requesting its liquidation, and cases of insolvency or settlement infeasibility. Cancellation can also occur if it is proven that the license was obtained based on false information, if the bank has lost one of the licensing requirements, or due to significant changes in the data or the bank becoming irreparable. The bank must be notified to give it an opportunity to defend itself within 15 days. The cancellation decisions are published in the Official Gazette and on the Central Bank's website throughout the liquidation period.
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