VTB Bank Azerbaijan pays out 98% of compensations to clients

Finance Materials 19 December 2019 14:14 (UTC +04:00)
VTB Bank Azerbaijan paid 98 percent of compensations.
VTB Bank Azerbaijan pays out 98% of compensations to clients

BAKU, Azerbaijan, Dec. 19

By Eldar Janashvili – Trend:

VTB Bank Azerbaijan paid out 98 percent of compensations, Trend reports on Dec. 19 referring to chairman of the Management Board of VTB Bank Azerbaijan Yevgeniy Kirin.

Kirin made the remark at a press-conference in Baku while speaking about the payment of compensation and the restructuring of problem loans for 2019.

The results of the year and the bank's strategy for the coming years were disclosed during the press-conference.

"The total amount of compensations reached 17 million manat ($10 million), of which the bank did not pay only two percent," the chairman said.

“This part is mainly accounted for the clients who have not applied for compensations,” Kirin added.

VTB Bank Azerbaijan provides corporate customers with credits and credit lines in manats and foreign currency. It finances projects, considering their specific features, by providing the choice of various loan products and individual terms of repayment.

The Supervisory Board of VTB Bank Azerbaijan is valid under the legislation of the Azerbaijan Republic, the Bank's Charter, the provisions of the Supervisory Board and other internal documents of the Bank. The Supervisory Board includes general management of the activities of the Bank, except for the issues referred by the legislation and the charter of the Bank to the competence of the General Meeting of Shareholders.