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Azerbaijan Deposit Insurance Fund paying compensations to liquidated banks' depositors

Finance Materials 19 June 2020 11:03 (UTC +04:00)
Azerbaijan Deposit Insurance Fund (ADIF) paid compensation on insured deposits in the amount of 61.6 million manat ($36.2 million) to depositors in the process of liquidation - Amrahbank, AGbank, NBC Bank and Atabank, through Kapital Bank OJSC and the International Bank of Azerbaijan (IBA)
Azerbaijan Deposit Insurance Fund paying compensations to liquidated banks' depositors

BAKU, Azerbaijan, June 19

Trend:

Azerbaijan Deposit Insurance Fund (ADIF), through Kapital Bank and the International Bank of Azerbaijan (IBA), paid compensation on insured deposits in the amount of 61.6 million manat ($36.2 million) to depositors of Amrahbank, AGbank, NBC Bank and Atabank, which are in the process of liquidation, ADIF told Trend.

Issuance of compensations to depositors of Atabank and Amrahbank started from June 1, 2020, and is carried out in 35 branches through debit cards of Kapital Bank and the ‘Xəzri’ quick money transfer system.

Compensation payment to depositors of AGbank and NBC Bank began on June 16, 2020, and is carried out through debit cards of the IBA in 20 branches.

According to article 28.3 of the Law of Azerbaijan on deposit insurance, the Azerbaijan Deposit Insurance Fund accepts applications of depositors within a year from the date of the first publication of the notification on compensation.

(1 USD = 1.7 manat on June 19)

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