ADIF issues update on paid compensations to closed banks' depositors

By Trend

The compensation on insured deposits worth over 633 million manat ($372.3 million) was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank, and AGBank, Trend reports on Apr.9 referring to Azerbaijan Deposit Insurance Fund (ADIF).

According to ADIF, 9,800 AtaBank depositors received compensation in the amount of 244.2 million manat ($143.6 million); 5,830 Amrahbank depositors – over 140.4 million manat ($82.6 million); 4,730 AGBank depositors – nearly 116.4 million manat ($68.4 million) and about 4,230 NBC Bank depositors received compensation in the amount of nearly 132 million manat ($77.6 million).

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

(1 USD = 1.7 AZN on Apr.9)

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