Azernews.Az

By Ayya Lmahamad

Azerbaijan’s Deposit Insurance Fund has paid AZN 479.6 million ($282.1M) to the 20,360 depositors of four banks that were liquidated in the past few months, local media reported with the reference to the fund.

According to the report, the International Bank of Azerbaijan has paid over AZN 160.4 million ($94.3M) to depositors of “AGBank” and “NBCBank” as a compensation in the process of liquidation.

The payment of compensations to these banks, and were paid in non-cash form in 20 branches through debit cards of the International Bank of Azerbaijan in the period between June 16 and August 24.

As of August 24, AZN 57.5 million ($33.8M) was paid to 3,222 depositors of “AGBank” and AZN 102.8 million ($60.4M) to 3,469 depositors of “NBCBank”.

Moreover, Kapital Bank has paid AZN 319.2 million ($187.7M) to depositors of “Amrahbank” and “Atabank” as compensation in the process of liquidation.

The compensations to these banks were paid from June 1 to August 24 in non-cash form in 35 branches through Kapital Bank debit cards and Khazri fast money transfer system.

During this period, AZN 126.9 million ($74.6M) was paid to 5,270 depositors of “Amrahbank” and AZN 192.2 million ($113.0M) to 8,399 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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