Baku, Azerbaijan, Aug. 17
By Anvar Mammadov – Trend:
Depositors of two bankrupt Azerbaijani banks – Caucasus Development Bank and AtraBank – can apply for obtaining compensations since Aug. 23, said Azerbaijan Deposit Insurance Fund (ADIF) in a message Aug. 17.
The message said that an insured event happened at the above-mentioned banks on Aug. 16.
According to the legislation, insurance payments are paid seven days after the bank is declared bankrupt, therefore, in this case from Aug. 23.
The CBA revoked the two banks' licenses on Jan. 27, 2016. The CBA had said the two banks' licenses were revoked because their total capitals didn't correspond to the minimum requirement of 50 million manats. The banks also couldn't fulfill obligations to creditors, CBA explained.