Azerbaijan’s Bank Standard starts to return deposits to clients

Azerbaijan’s Bank Standard starts to return deposits to clients

Baku, Azerbaijan, Aug. 3

By Anvar Mammadov – Trend:

Funds of Azerbaijani Bank Standard’s customers in current accounts or deposits that don’t exceed 30,000 Azerbaijani manats (or equivalent in foreign currency) and term of which expires in 2016, will be paid without limit, said the bank’s message Aug. 3.

“This process will be held as part of the first phase of the bank’s recovery,” said the message. “With regard to the disbursement of funds over 30,000 manats, a number of proposals, about which customers will be informed, are being currently considered.

Payment of funds in current accounts or deposits, term of which expires in 2016, will be carried out within the second phase of the recovery that will begin in 2017.

Moreover, the bank will re-activate its plastic cards from Aug. 4, 2016, both in Azerbaijan’s territory and abroad.

Meanwhile, legal entities that are the customers of the Bank Standard will be able to freely carry out operations on their current accounts from Aug. 4, 2016.

New management of Azerbaijan’s Bank Standard was formed during the extraordinary meeting of its shareholders Aug. 3. The Financial Market Supervisory Body appointed a temporary administrator at Bank Standard on May 3 for three months, due to the deterioration of the quality of its assets, as the bank’s liquidity and capital position have significantly weakened.

From that period, a moratorium was imposed on payments for all deposits, except for social payments. In order to make those payments, Bank Standard got support from the Central Bank. Moreover, a recovery program was worked out for the bank in order to restore its financial sustainability.

The controlling stake of Bank Standard was transferred to Azer Turk Bank for recovery. In accordance with the recovery program, Azer Turk Bank formed the bank’s new board which was approved by the Financial Market Supervisory Body.

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