Azerbaijan's ADIF reveals compensations paid to closed banks' depositors

By Trend

Azerbaijan Deposit Insurance Fund (ADIF), through Kapital Bank and the International Bank of Azerbaijan (IBA), paid compensation on insured deposits in the amount of 181.4 million manat ($106.7 million) to depositors of Amrahbank, AGbank, NBC Bank and Atabank, which are in the process of liquidation, Trend reports referring to the fund.

Issuance of compensations to depositors of Atabank and Amrahbank started from June 1, 2020, and is carried out in 35 branches through debit cards of Kapital Bank and the ‘Khazri’ quick money transfer system.

Compensation payment to depositors of AGbank and NBC Bank began on June 16, 2020, and is carried out through debit cards of the IBA in 20 branches.

According to article 28.3 of the Law of Azerbaijan on deposit insurance, the Azerbaijan Deposit Insurance Fund accepts applications of depositors within a year from the date of the first publication of the notification on compensation.

(1 USD = 1.7 AZN on July 7)