Azerbaijan Deposit Insurance Fund accepting claims of DemirBank creditors

5 January 2018 11:46 (UTC+04:00)

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The Azerbaijan Deposit Insurance Fund (ADIF) is accepting the claims of creditors of DemirBank OJSC, which has been declared bankrupt.

Creditors can submit their claims to ADIF within 60 days, said the Fund in a message on January 4.

DemirBank was officially declared bankrupt upon a decision of the Baku Court of Appeal on Dec. 27, 2017. On that day ADIF became the bank's liquidator.

DemirBank’s license was revoked on December 23, 2017. The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said the license was revoked due to a discrepancy between the total capital of the bank and the minimum capital requirement set for banks, and the adequacy ratio of the aggregate capital is lower than 3 percent stipulated by the legislation. The bank also lacks the capacity to fulfill its obligations to creditors.

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