Depositors of four liquidated banks receive compensations

By AzerNews

By Ayya Lmahamad

Azerbaijan’s Deposit Insurance Fund has paid AZN 402.3 million ($236.6m) to 17,900 depositors of four liquidated banks in the country, the fund reported on August 6.

Some AZN 170.8 million ($100.4M) has been paid to 7,600 depositor of “AtaBank”, and AZN 121.7 million ($71.5M) paid to 5,100 depositors of “Amrahbank”

The payment of compensations to these banks started from June 1 are made in non-cash form in 35 branches through Kapital Bank debit cards and Khazri fast money transfer system.

Moreover, AZN 29.8 million ($17.5M) was paid to 2,300 depositors of “AG Bank”, and AZN 80 million ($47M) was paid to 2,900 depositors of “NBC Bank”.

The payment of compensations to these banks started on June 16, and are paid in non-cash form in 20 branches through debit cards of the International Bank of Azerbaijan.

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.