ADIF continues compensating depositors of closed banks

11 May 2021 17:50 (UTC+04:00)

By Trend

The total compensation on insured deposits worth over 641.4 million manat ($377.3 million) was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank, and AGBank, Trend reports referring to Azerbaijan Deposit Insurance Fund (ADIF).

According to ADIF, 9,840 AtaBank depositors received compensation in the amount of over 246.8 million manat ($145.1 million); 5,840 Amrahbank depositors – over 140.4 million manat ($82.6 million); 4,780 AGBank depositors – nearly 121 million manat ($71 million) and about 4,250 NBC Bank depositors received compensation worth over 133 million manat ($78.2 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.

(1 USD = 1.7 AZN on May 11)

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