$297.4m paid to 21,398 depositors of four liquidated banks

4 September 2020 13:26 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan’s Deposit Insurance Fund has paid AZN 505.6 million ($297.4M) to the 21,398 depositors of four banks that were liquidated in the past few months, the fund has reported.

According to the report, the International Bank of Azerbaijan has paid over AZN 176.2 million ($103.6M) to 7,266 depositors of “AGBank” and “NBCBank” as a compensation in the process of liquidation.

The payment of compensations to these banks were made in non-cash form in 20 branches through debit cards of the International Bank of Azerbaijan.

As of September 3, AZN 68.1 million ($40.1M) was paid to 3,601 depositors of “AGBank” and AZN 108.1 million ($63.5M) to 3,665 depositors of “NBCBank”.

Moreover, Kapital Bank has paid AZN 329.3 million ($193.7M) to 14,132 depositors of “Amrahbank” and “Atabank” as compensation in the process of liquidation.

The compensations to these banks were paid in non-cash form in 35 branches through Kapital Bank debit cards and Khazri fast money transfer system.

During this period, AZN 128.7 million ($75.7M) was paid to 5,397 depositors of “Amrahbank” and AZN 200.6 million ($118M) to 8,735 depositors of “Atabank”.

According to Article 28.3 of the law "On Insurance of Deposits", the Deposit Insurance Fund accepts applications from depositors within one year from the date of first publication of the notice on compensation.

The licenses of Azerbaijan’s AtaBank OJSC and Amrahbank OJSC were canceled on April 28 upon the decision of the Board of the Central Bank of Azerbaijan (CBA). On May 12, the licenses of AGBank OJSC and NBC Bank OJSC were canceled and the bankruptcy process was launched.

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