BAKU, Azerbaijan, November 27. Azerbaijan Deposit Insurance Fund has started paying compensations to depositors of Muganbank OJSC, Trend reports.
Compensation will be paid by International Bank of Azerbaijan (IBA) OJSC and Kapital Bank OJSC.
Previously, Muganbank was declared bankrupt by Baku Appeal Court No. 2-3(103)-54/2023 on October 24, 2023, and the Deposit Insurance Fund was designated as the bank's liquidator.
According to Azerbaijan's "On Deposit Insurance" Law, the insured event in Muganbank occurred on October 24, 2023.
According to Azerbaijan's "On Deposit Insurance" statute, the Deposit Insurance Fund accepts applications from depositors within one year of the initial 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).
When applying to any IBA and Kapital Bank branch or office, it is necessary to submit a deposit agreement, deposit book, or other documents confirming making a deposit in accordance with the legislation, as well as a copy of the depositor's ID, in accordance with the order of compensation payment. If the depositor's representative requests for compensation, he or she must submit a notarized power of attorney together with the above documents.
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).
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