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Azerbaijan Deposit Insurance Fund continue compensating clients of closed banks

Finance Materials 11 December 2020 10:48 (UTC +04:00)
Azerbaijan Deposit Insurance Fund continue compensating clients of closed banks

BAKU, Azerbaijan, Dec. 11

By Zeyni Jafarov – Trend:

The depositors of the closed Azerbaijani banks, AtaBank, Amrahbank, NBC Bank and AGBank, were paid compensation for insured deposits worth over 608 million manat ($357.6 million) as of December 10, 2020, Trend reports citing the report of the Azerbaijan Deposit Insurance Fund (ADIF).

According to the ADIF, 9,657 AtaBank depositors received compensation in the amount of 236.3 million manat ($139 million), 5,715 Amrahbank depositors - more than 138 million manat ($81.1 million), 4,500 AGBank depositors - 109 million manat ($64.1 million) and 4,100 NBC Bank depositors received compensation worth over 124.5 million manat ($73.2 million).

Payment of compensation to depositors of AtaBank and Amrahbank is carried out from June 1, 2020 and is paid in a non-cash manner through debit cards of Kapital Bank OJSC.

The agent bank through 20 branches for issuing compensations for insured deposits in AGBank OJSC and NBC Bank OJSC is International Bank of Azerbaijan OJSC (IBA). Payments to clients of these banks have been carried out since June 16, 2020.

To remind, the Central Bank of Azerbaijan made a decision to annul the licenses of four banks - AtaBank, Amrahbank, AGBank and NBCBank, and all of them were declared bankrupt.

(1 USD = 1.7 manat on Dec. 11)

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