ADIP conducts Council of Trustees’ extraordinary meeting

Today an extraordinary meeting of the Council of Trustees of the Azerbaijan Deposit Insurance Fund will be held in order to select an agent bank to pay compensation to insured depositors of JSC Royal Bank.

The Fund revealed the meeting in its statement issued on Wednesday.

The CBA board of directors made a decision on the revocation of RoyalBank's licence on July 12. According to that decision, the banks had a temporary administrator appointed after July 13. Based on the CBA's letter, on July 14 the ADIF Council of Trustees decided to start preparatory work for the payment of compensation and the selection of an agent bank.

Some 98 per cent of depositors of RoyalBank are insured with the Azerbaijani Deposit Insurance Fund.

'Deposits up to 30,000 manat will be fully paid to depositors. In the coming days detailed information will be provided about the date and place of payment of compensation', the report says.

RoyalBank is a commercial bank operating in Azerbaijan. It has 32 branches in Baku and regions of the country. The bank also has the Royal Card processing centre.

RoyalBank was established on August 2, 1993 as the joint commercial bank 'OZ Bank'.


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