Azerbaijan announces compensation amount for closed banks' depositors

  01 February 2021    Read: 539
Azerbaijan announces compensation amount for closed banks

Compensation on insured deposits in the total amount of over 621.6 million manat ($365.6 million) as of late January, 2021, was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank, and AGBank, AzVision.az reports citing the Azerbaijan Deposit Insurance Fund (ADIF).

Some 9,723 AtaBank depositors received compensation in the amount of 242.4 million manat ($142.6 million), 5,765 Amrahbank depositors - about 140 million manat ($82 million), 4,630 AGBank depositors – over 111 million manat ($65.3 million), and 4,183 NBC Bank depositors received compensation in the amount of more than 128.6 million manat ($75.6 million).

The compensation to depositors of AtaBank and Amrahbank has been paid since June 1, 2020, in a non-cash form through debit cards of Kapital Bank OJSC. The International Bank of Azerbaijan OJSC (IBA) is an agent bank through 20 branches to issue compensation on insured deposits in AGBank OJSC and NBC Bank OJSC. The compensation to customers of these banks has been paid since June 16, 2020.

Earlier the Central Bank of Azerbaijan made a decision to cancel the licenses of four banks, namely, AtaBank, Amrahbank, AGBank, and NBCBank, and all of them were declared bankrupt.


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