Depositors of closed banks in Azerbaijan were being paid compensations

  12 September 2020    Read: 607
Depositors of closed banks in Azerbaijan were being paid compensations

The compensation on the insured deposits worth 517.1 million manats ($304.2 million) was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank and AGBank as of September 11, 2020, in accordance with the report of the Azerbaijan Deposit Insurance Fund (ADIF), Trend reports on Sept. 11 citing ADIF.

Some 8,940 depositors of AtaBank received compensation in the amount of 206.7 million manats ($121.6 million), 5,400 depositors of Amrahbank - 129.7 million manats ($76.3 million), 3,800 depositors of AGBank - 70.9 million manat ($41.7 million) and 3,700 depositors of NBC Bank - 109.8 million manats ($64.6 million), ADIF said.

The non-cash compensation has been paid to the depositors of AtaBank and Amrahbank since June 1, 2020, through the debit cards of Kapital Bank OJSC.

The International Bank of Azerbaijan OJSC (IBA) is the agent bank through 20 branches to issue compensations on the insured deposits in AGBank OJSC and NBC Bank OJSC.

The Central Bank of Azerbaijan (CBA) made a decision to cancel the licenses of four banks - AtaBank, Amrahbank, AGBank and NBC Bank, and all four banks were declared bankrupt.


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