Baku, Azerbaijan, Jan. 28
Trend:
As many as 6,599 depositors of the Bank of Azerbaijan will receive compensations from the Azerbaijan Deposit Insurance Fund (ADIF), said the Fund's Executive Director Azad Javadov.
Since last week, the Central Bank of Azerbaijan has revoked licenses of six banks - Atrabank, Caucasus Development Bank, Ganja Bank, Bank of Azerbaijan, United Credit Bank and NBC Bank.
Currently, 37 banks are licensed to carry out banking activities in Azerbaijan.
ADIF will begin issuing compensation payments to the bank's depositors starting from Jan. 29, he said addressing a press conference in Baku, Jan. 28
"Given that the Bank of Azerbaijan is unable to fulfil its obligations, its depositors will get the compensations," he said. "In total, the bank has 7,342 depositors - some 6,599 of them will receive a compensation totalling 24 million manats (including six million manats in foreign currency)."
Javadov added that under the current laws, the highest amount of the insured deposit is 30,000 manats.
"If any client has a deposit worth 50,000 manats, some 30,000 manats of it will be returned by the fund, while the remaining part will be given by the liquidator company [using the bank's funds]," he said.
"Agent banks have already been defined for the issuance of compensations," Javadov said, adding the compensations will be available at Muganbank, while the clients in Nakhchivan Autonomous Republic can receive it at branches of Rabitabank.