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Azerbaijan names amount of compensations paid to closed banks' depositors

5 March 2021 14:30 (UTC+04:00)
Azerbaijan names amount of compensations paid to closed banks' depositors

By Trend

The compensation on insured deposits worth nearly 627.5 million manat ($369.12 million) was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank and AGBank as of early March 2021 (ADIF), Trend reports referring to Azerbaijan Deposit Insurance Fund (ADIF).

According to ADIF, 9,780 AtaBank depositors received compensation in the amount of 243.28 million manat ($143.1 million); 5,800 Amrahbank depositors - about 140 million manat ($82.3 million); 4,685 AGBank depositors - over 113 million manat ($66.4 million) and more than 4,200 NBC Bank depositors received compensation in the amount of 131.2 million manat ($77.18 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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