Baku, Azerbaijan, Jan. 29
By Maksim Tsurkov – Trend:
Payment of compensations to the depositors of Azerbaijan’s DemirBank OJSC, the license of which was revoked in December 2017, will start Feb. 1, the Azerbaijan Deposit Insurance Fund (ADIF) said in a message Jan. 29.
The volume of compensated deposits in DemirBank totals 63.5 million manats (1.7001 manats = $1 on Jan. 29), while the volume of uncompensated deposits amounts to 28.3 million manats.
DemirBank’s license was revoked Dec. 23, 2017. The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said the license was revoked due to a discrepancy between the total capital of the bank and the minimum capital requirement set for banks, adding that the adequacy ratio of the aggregate capital was lower than 3 percent stipulated by the legislation.
The bank also lacked the capacity to fulfill its obligations to creditors.
The depositors will be able to receive compensations in 26 (7 municipal and 19 regional) branches of Kapital Bank OJSC.
A complete list of the branches is below.