Baku, Azerbaijan, Oct. 1

Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) has been appointed the liquidator of Royal Bank, the license of which was revoked by the Central Bank on July 12, 2012, the ADIF said in a message posted on its website.

In January 2016, ADIF Executive Director Azad Javadov said a part of Royal Bank’s deposits haven’t been paid yet and mainly the deposits of non-residents remain unpaid.

“Earlier the unpaid amount was 1.3 million manats. However, due to changes in manat’s rate, currently the amount of these deposits is 1.6 million manats, as there are deposits in three currencies (US dollar, euro and manat),” said Javadov previously.

Before the ADIF, the Azerbaijan International Consulting Company LLC was the liquidator of the Royal Bank.

Currently, the ADIF is engaged in liquidation of six banks – Texnikabank, Bank of Azerbaijan, Zaminbank, Dekabank, Kredobank and Parabank.