A financial institution linked to the family of former Azerbaijani presidential administration chief Ramiz Mehdiyev has ended licensed credit operations, just over two months after Bank BTB was reorganized as a non-bank lender.
The Central Bank of Azerbaijan said its Management Board decided on Sept. 29, 2026, to revoke the license of T-Kredit Non-Bank Credit Institution LLC. The license, No. BKT-51, had been issued on July 28. The decision followed an application submitted by T-Kredit itself under Article 25 of the law governing non-bank credit institutions.
The move brought a short-lived reorganization to an end. In March, the Central Bank granted preliminary approval for Bank BTB to convert into a non-bank credit institution. On July 27, the regulator revoked Bank BTB’s banking license; the following day, it licensed T-Kredit as the bank’s legal successor.
Assets and Liabilities Transferred to ABB
In its July 31 announcement, the Central Bank said Bank BTB’s assets and liabilities had been transferred to Azerbaijan International Bank, or ABB, under an agreement between the two institutions.
Bank BTB’s 2025 securities prospectus listed Nigar Ismayil gizi Mehdiyeva as its dominant shareholder with 76.7376%. Rza Ismayil oglu Sadiq held 17.6823%, and Tukazban Aga gizi Mahmudova held 5.5801%. Azerbaijani media identify Nigar Mehdiyeva as Ramiz Mehdiyev’s daughter-in-law. The ownership figures are recorded in the Central Bank-hosted prospectus.
The result is that the group first ceased operating as a bank and then surrendered the license of its non-bank successor. The Central Bank’s statement does not explain why T-Kredit sought revocation so soon after receiving the license.
Voluntary Exit, Not a Regulatory Violation
The distinction matters because the same Sept. 29 Central Bank decision also revoked the license of Fintrend Non-Bank Credit Institution LLC. The regulator said Fintrend had failed to comply with prudential requirements and had submitted inaccurate reports. It made no such allegation against T-Kredit, whose license was revoked at the company’s request.
Akif Nasirli, chairman of the Center for Liberal Economists, told Globalinfo.az that Bank BTB’s exit from its former format indicated a weakening of the Mehdiyev family’s position in the financial sector. He stressed, however, that the voluntary basis of T-Kredit’s license revocation should not be confused with the violations cited in the Fintrend case.
Public disclosures establish the loss of a licensed banking and lending platform. They do not provide enough information about capital, debts or remaining assets to support broader claims about the family’s overall finances.
Source: Vesti Baku