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Azerbaijan discloses amount of compensation paid to depositors of closed banks

Finance Materials 15 January 2021 17:12
Azerbaijan discloses amount of compensation paid to depositors of closed banks

BAKU, Azerbaijan, Jan. 15

By Zeyni Jafarov - Trend:

Proceeding from the report of the Azerbaijan Deposit Insurance Fund (ADIF), compensation on insured deposits in the amount of 616.8 million manat ($362.8 million) as of January 14, 2021, was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank and AGBank, Trend reports citing ADIF on Jan. 15.

Some 9,711 AtaBank depositors received compensation in the amount of 242 million manat ($142 million), 5,754 Amrahbank depositors - about 140 million manat ($82 million), 4,600 AGBank depositors - 109.7 million manat ($64 million), and 4,160 NBC Bank depositors received compensation in the amount of more than 125.6 million manat ($73 million).

The compensation to depositors of AtaBank and Amrahbank has been paid since June 1, 2020, in a non-cash form through debit cards of Kapital Bank OJSC. The International Bank of Azerbaijan OJSC (IBA) is an agent bank through 20 branches to issue compensation on insured deposits in AGBank OJSC and NBC Bank OJSC. The compensation to customers of these banks has been paid since June 16, 2020.

Earlier the Central Bank of Azerbaijan made a decision to cancel the licenses of four banks, namely, AtaBank, Amrahbank, AGBank, and NBCBank, and all of them were declared bankrupt.

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