ADIF starts payment of compensations to Azerbaijani bank’s depositors
By Trend
Azerbaijan Deposit Insurance Fund (ADIF) has started payment of compensations to the depositors of Azerbaijan’s DemirBank OJSC, the license of which was revoked in December 2017, the ADIF said in a message on February 1.
The volume of compensated deposits in DemirBank totals 63.5 million manats (1.7001 manats = $1 on Feb. 1), while the volume of uncompensated deposits amounts to 28.3 million manats.
DemirBank’s license was revoked on December 23, 2017. The Financial Market Supervisory Authority (FIMSA) of Azerbaijan said the license was revoked due to a discrepancy between the total capital of the bank and the minimum capital requirement set for banks, adding that the adequacy ratio of the aggregate capital was lower than 3 percent stipulated by the legislation.
The bank also lacked the capacity to fulfill its obligations to creditors.
The depositors can receive compensations in 26 (7 municipal and 19 regional) branches of Kapital Bank OJSC.
A complete list of the branches is available at http://adif.az/?~/aze/news/full/1/1156/
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!