Azerbaijan discloses amount of compensations paid to depositors of closed banks

Azerbaijan discloses amount of compensations paid to depositors of closed banks

BAKU, Azerbaijan, Feb. 26

By Zeyni Jafarov - Trend:

The compensation on insured deposits worth nearly 627 million manat ($368.8 million) was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank and AGBank in accordance with the report of the Azerbaijan Deposit Insurance Fund (ADIF), Trend reports citing ADIF.

Some 9,770 AtaBank depositors received compensation in the amount of slightly over 243 million manat ($142.9 million); 5,795 Amrahbank depositors - about 140 million manat ($82.3 million); 4,680 AGBank depositors - over 113 million manat ($66.4 million) and about 4,210 NBC Bank depositors received compensation in the amount of over 131 million manat ($77 million).

The compensations have been paid to depositors of AtaBank and Amrahbank since June 1, 2020, in non-cash form through debit cards of Kapital Bank OJSC.

The International Bank of Azerbaijan OJSC (IBA) is the agent bank through 20 branches for issuance of compensations on insured deposits in AGBank OJSC and NBC Bank OJSC. The compensations have been paid to the customers of these banks 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 NBC Bank, all of which were declared bankrupt.

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Follow the author on Twitter: @jafarov_zeyni

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