BAKU, Azerbaijan, November 15. By the decision of Baku Court, Azerbaijan's Muganbank was recognized bankrupt, and the Deposit Insurance Fund was appointed as a liquidator of the bank, Deposit Insurance Fund told Trend.
In accordance with the Law of Azerbaijan "On Deposit Insurance", November 24, 2023 was determined as the day of the insured event in Muganbank.
According to the Deposit Insurance Fund, compensation payments will be made through International Bank of Azerbaijan and Kapital Bank from November 27. According to Article 28.3 of the Law of Azerbaijan "On Deposit Insurance", the Deposit Insurance Fund accepts depositors' applications within one year from the date of the first publication of the notice on compensation payment.
Insured depositors can receive statements on their savings accounts at the head office of Muganbank (21B Ahmad Rajabli Street, Narimanov district, Baku). In accordance with the order of compensation payment it is necessary to submit deposit agreement, deposit book or other documents confirming making a deposit in accordance with the legislation and their copy, as well as the depositor's ID, when applying to any branches and offices of International Bank of Azerbaijan and Kapital Bank. If the representative of the depositor applies for compensation, he/she should provide a notarized power of attorney together with the above documents.
Insured depositors will be able to get application forms from November 27 in branches and offices of International Bank of Azerbaijan and Kapital Bank, as well as on the website of the Deposit Insurance Fund (www.adif.gov.az). Compensation will be paid by all branches and departments of International Bank of Azerbaijan and Kapital Bank.
Deposits will be compensated in accordance with the Law of Azerbaijan "On deposit insurance". The amount of compensation will be in the amount of 100 percent of the insured deposit, but not exceeding 100,000 manat ($58,823), and the amount of compensation of funds on bank accounts opened by individuals in connection with entrepreneurial activity will not exceed 20,000 manat ($11,764).
Detailed information on the procedure of compensation payment can be found on the website of the Deposit Insurance Fund.
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