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Azerbaijan's Demirbank OJSC: Compensations on deposits to be paid as soon as possible

Business Materials 23 December 2017 15:52 (UTC +04:00)
The Azerbaijan Deposit Insurance Fund (ADIF) will pay compensations to depositors of OJSC Demirbank as soon as possible.
Azerbaijan's Demirbank OJSC: Compensations on deposits to be paid as soon as possible

Baku, Azerbaijan, Dec. 23

By Azad Hasanli – Trend:

The Azerbaijan Deposit Insurance Fund (ADIF) will pay compensations to depositors of OJSC Demirbank as soon as possible, the bank said in a message posted on its official Facebook page.

The remaining liabilities of the bank will be paid in line with the procedure established by law after the appointment of the liquidator.

The Bank asks customers to call for additional questions “149”.

Demirbank’s license will be revoked on December 23, 2017.

The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said that the license was liquidated due to the discrepancy between the total capital of the bank and the minimum requirement established for banks, and the adequacy ratio of the aggregate capital is lower than three percent stipulated by the legislation.

The bank also lacks the capacity to fulfill its obligations to creditors.

Demirbank is a member of ADIF, and accordingly, deposits of the population in this bank will be returned by the Fund.

A temporary administrator was appointed in the bank under FIMSA’s decision. The Authority also appealed to the court in connection with the beginning of the bankruptcy process.

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