TODAY.AZ / Business

Int’l companies to engage in process of liquidation of Bank Standard

23 November 2016 [13:53] - TODAY.AZ

By Azernews


By Nigar Abbasova

BM Morrison law firm and KPMG international audit company will be involved in the liquidation process of the recently closed Bank Standard.

BM Morison will act as a legal advisor, while KPMG is expected to be engaged in the compliance assessment of the assets and liabilities, as well as off -balance liabilities.

 A special meeting with the participation of the head of Financial Market Supervisory Body (FMSB) Rufat Aslanli, heads of the Deposit Insurance Fund (ADIF), KPMG and BM Morrison was held to discuss the plan on the liquidation of the Bank.

Aslanli, addressing the meeting said the international companies were involved in the process to provide transparence of the process and depositor protection.

He mentioned that the liquidation process was launched on October 1, 2016. The insured depositors of the bank have already received over 90 percent of compensations, while uninsured deposits and financial means of other creditors will be paid after realization of the liquid assets.  

ADIF, which acts as a liquidator has so far paid compensations worth nearly 420.27 million manats  ($ 245.82 million) to the depositors of the Bank, while the volume of the insured deposits stands at 460 million manats ($ 269.06 million)

Bank Standard was declared bankrupt according to the decision, dated October 4, 2016, of the country’s Baku Administrative-Economical Court No1, while the license was revoked by the decision of the FMSB. The mortgage portfolio of the Bank was transferred to Muganbank.  

The bank was one of the major private commercial banks in Azerbaijan.  

URL: http://www.today.az/news/business/156244.html

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