Depositors of bankrupt Azerbaijani banks get over 345M manats

Baku, Azerbaijan, Oct. 14

By Azad Hasanli – Trend:

Azerbaijan Deposit Insurance Fund (ADIF) paid compensations worth over 345.75 million manats to depositors of Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Bank Standard, ADIF said in a message Oct. 15.

Below is the list of closed banks and the volume of obtained compensations as of Oct. 15:

Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began Aug. 1, 2016 and the payment of compensations has been carried out since that day.

Compensations to the insured depositors of Caucasus Development Bank and AtraBank are being paid starting from Aug. 23. Clients of Atrabank can receive compensations in the branches the deposits were placed in. However, those who concluded the contract in the Khazar branch must approach to the bank’s main office.

Depositors of Caucasus Development Bank receive compensations at the bank’s main office.

Payment of compensations to insured depositors of Bank of Azerbaijan has been carried out since Jan. 29, 2016 at branches of Muganbank and Rabitabank, and since Sept. 8 at ADIF’s office.

Clients of Ganjabank receive compensations since Feb. 4 at the branches of Rabitabank, Unibank and Kapital Bank.

Payment of compensations to insured depositors of Bank Standard started Oct. 11, 2016 at the bank’s main office and its branches in the regions of Azerbaijan and will continue for one year.

The licenses of all the ten banks were cancelled during 2016 as the aggregate capital of these banks didn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.