Baku, Azerbaijan, April 20
By Anvar Mammadov – Trend:
Azerbaijan Deposit Insurance Fund (ADIF) will start payment of compensations to the last uninsured depositors of Azerbaijan’s Caucasian Development Bank OJSC on April 23, the ADIF said in a message April 20.
The payments will be carried out in the non-cash form. The process will take place in the administrative building of ADIF at the following address: Babak Ave., 16, Baku.
The Central Bank of Azerbaijan (CBA) revoked the license of the Caucasus Development Bank on Jan. 27, 2016 as its aggregate capital did not meet the minimum requirement of the regulator [50 million manats].
The Caucasian Development Bank was established in 1997.
($1 = 1.7 AZN on April 20).