Depositors of bankrupt Azerbaijani banks get over 406M manats

Depositors of bankrupt Azerbaijani banks get over 406M manats

Baku, Azerbaijan, Oct. 18

By Anvar Mammadov – Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth over 406.84 million Azerbaijani manats (AZN) to depositors of Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, Atrabank, Bank of Azerbaijan, Gandjabank, Texnikabank and Bank Standard, ADIF said in a message Oct. 18.

Acceptance of applications from insured depositors of DekaBank, KredoBank, Zaminbank and Parabank began Aug. 1 and the payment of compensations has been carried out since that day.

Compensations to the insured depositors of Caucasus Development Bank and AtraBank are being paid starting from Aug. 23. Payments are being carried out at the branches of those closed banks.

AtraBank’s clients can obtain compensations at those branches, where they concluded agreements to accept deposits. Those people, who concluded agreements at the Khazar branch, should apply to the bank’s main office.

Depositors of Caucasus Development Bank receive compensations at the bank’s main office.

Payment of compensations to insured depositors of Bank of Azerbaijan has been carried out since Jan. 29, 2016 at branches of Muganbank and Rabitabank, and since Sept. 8, 2016 in the office of the ADIF.

Clients of Ganjabank receive compensations since Feb. 4 at the branches of Rabitabank, Unibank and Kapital Bank.

ADIF started payment of compensations to insured depositors of Texnikabank since Feb. 12: clients receive compensations at the fund’s office.

Compensation payment to customers of Bank Standard started October 11. Compensations can be obtained at the head office and branches of Bank Standard in Baku and districts of the country during one year.

Depositors of Bank Standard received 141.43 million manats out of the total compensations of 460 million manats.

Depositors of Parabank received 32.82 million manats out of the total compensations of 43.79 million manats, and depositors of Zaminbank received 50.97 million manats. The compensations paid to Dekabank’s depositors amounted to 2.85 million manats out of the payments’ total volume of 5.59 million manats.

Kredobank’s depositors received compensations worth 17.98 million manats out of the compensations’ total volume of 30.21 million manats.

The compensations paid to depositors of Caucasus Development Bank amounted to 1.85 million manats out of the total compensations of 2 million manats.

Depositors of Atrabank received 13.9 million manats out of the total compensations of 13.9 million manats.

Depositors of Bank of Azerbaijan received compensations worth 24.09 million manats out of the compensations’ total volume of 24.2 million manats.

The compensations paid to depositors of Gandjabank and Texnikabank amounted to 0.97 million manats and 119.98 million manats out of the total compensations of 1 million manats and 122.6 million manats, respectively.

The licenses of all the ten banks were cancelled during 2016 as their assets were not classified in line with the law, they didn’t create adequate reserves and the aggregate capital of these banks doesn’t meet the minimum requirements [50 million manats]. In general, they haven’t fulfilled the regulator’s instructions.

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Azerbaijan's ADIF continues compensating depositors of closed banks
Azerbaijan's ADIF continues compensating depositors of closed banks
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