Baku, Azerbaijan, Apr. 18
By Azad Hasanli – Trend:
The Azerbaijan Deposit Insurance Fund (ADIF) will sell assets of the closed banks at auctions, ADIF Executive Director Azad Javadov told a press conference in Baku Apr. 18.
Eleven banks – Caucasus Development Bank, United Credit Bank, Bank Standard, Zaminbank, Dekabank, Kredobank, Atrabank, Bank of Azerbaijan, Ganjabank, Texnikabank and Parabank – were closed in Azerbaijan in 2016. The total volume of these banks’ assets exceeds several billion manats and liabilities - 2.9 billion manats.
Javadov noted that as of today, almost 22,700 depositors of the Caucasus Development Bank, Bank Standard, Zaminbank, Dekabank, Kredobank, Atrabank, Bank of Azerbaijan, Ganjabank, Texnikabank and Parabank were paid compensations worth about 727 million manats.
ADIF has been operating since August 13, 2007.