AtaBank Industry Classification and Regulatory Insights

AtaBank operates in the financial sector, specifically in the banking industry, which is a highly regulated field.

AtaBank is a commercial bank, providing a range of financial services to its customers.

The bank's primary focus is on retail banking, offering services such as deposits, loans, and payment systems.

AtaBank is licensed by the Central Bank of Azerbaijan, which is the country's national banking regulator.

AtaBank's industry classification can be found through various codes. The NAICS codes for AtaBank OJSC are 522, 52211, 522110, 5221, and 52.

The NAICS codes provide a detailed classification of AtaBank's activities. AtaBank's NAICS code of 522 indicates it is a commercial bank.

The SIC codes for AtaBank OJSC are 602 and 60. This classification further categorizes AtaBank's operations.

The NAICS code for AtaBank OJSC is 522110, which is a specific classification within the broader code 522.

AtaBank OJSC also has other NAICS codes, including 522, 52211, 5221, and 52, which are related to its banking activities.

These codes are used to classify businesses in the United States and Canada, and are often required for government contracts, taxes, and other purposes.

NAICS codes can be quite specific, like 522110, or more general, like 522.

AtaBank OJSC has SIC codes 602 and 60.

For businesses in Azerbaijan, understanding the SIC code for OJSC is crucial for classification and regulation purposes.

The SIC code for AtaBank OJSC is 602, 60, indicating its primary business activities.

This classification helps authorities and organizations to categorize and analyze businesses based on their economic activities.

AtaBank OJSC's SIC codes 602 and 60 provide a clear indication of its primary business operations.

The Central Bank of Azerbaijan took regulatory action against AtaBank, revoking its license on April 28. This decision was made after the bank had been struggling for a long time and depositors were unable to access their money.

The problems at AtaBank are not new and were not caused by the COVID-19 pandemic or decline in oil prices. According to Chairman Elman Rustamov, the issues were discussed by the Financial Stability Council and the Central Bank made certain recommendations, which led to the revocation of the license.

The return of deposits to AtaBank depositors will not be carried out at the expense of the state budget. Instead, refunds will be made from paid membership dues to the Azerbaijan Deposit Insurance Fund (ADIF).