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Azerbaijan Deposit Insurance Fund discloses amount of compensation for depositors of two liquidated banks

Finance Materials 11 June 2020 21:02 (UTC +04:00)
The depositors of Azerbaijan’s AtaBank OJSC and Amrahbank OJSC, which are in the process of liquidation, were provided with the compensation worth 47.1 million manat ($27.7 million) from June 1 through June 10, 2020.
Azerbaijan Deposit Insurance Fund discloses amount of compensation for depositors of two liquidated banks

BAKU, Azerbaijan, June 11

By Eldar Janashvili – Trend:

The depositors of Azerbaijan’s AtaBank OJSC and Amrahbank OJSC, which are in the process of liquidation, were provided with the compensation worth 47.1 million manat ($27.7 million) from June 1 through June 10, 2020, Trend reports on June 11 referring to the Azerbaijan Deposit Insurance Fund.

The compensations on deposits at AtaBank OJSC and Amrahbank OJSC are paid in a cashless form via debit cards of Kapital Bank OJSC and Khazri money transfer system in 35 bank branches.

The licenses issued by Amrahbank and AtaBank for banking activity were canceled upon the decision of the board of the Central Bank of Azerbaijan dated April 28, 2020.

In accordance with the decision of the Board of Trustees of the Deposit Insurance Fund, Kapital Bank OJSC was chosen as an agent bank for reimbursing the deposits in AtaBank and Amrahbank.

In accordance with article 28.3 of the Azerbaijani law On deposit insurance, the Deposit Insurance Fund accepts the applications of depositors within a year from the date of the first publication of a notification on payment of compensation.

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Follow the author on Twitter: @eldarjanashvili

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