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Azerbaijan names amount of compensation paid to closed banks' depositors

Finance Materials 22 January 2021 12:24
Azerbaijan names amount of compensation paid to closed banks' depositors

BAKU, Azerbaijan, Jan. 22

By Zeyni Jafarov - Trend:

Compensation on insured deposits in the total amount of 619.4 million manat ($364.35 million) as of January 22, 2021, was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank, and AGBank, Trend reports citing the Azerbaijan Deposit Insurance Fund (ADIF).

Some 9,713 AtaBank depositors received compensation in the amount of 242.3 million manat ($142.53 million), 5,754 Amrahbank depositors - about 140 million manat ($82 million), 4,620 AGBank depositors - 109.7 million manat ($64 million), and 4,175 NBC Bank depositors received compensation in the amount of more than 127.8 million manat ($75.18 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.

(1 USD = 1.7 AZN on Jan.22)

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