ADIF pays over 700M to depositors of closed banks

By Azernews

By Laman Ismayilova

Azerbaijan Deposit Insurance Fund (ADIF) has so far paid compensations worth over 711.56 million manats ($409 million) to depositors of the recently closed Dekabank, Kredobank, Zaminbank, Parabank, Caucasus Development Bank, AtraBank, Bank of Azerbaijan, Ganjabank, Texnikabank and Bank Standard.

The licenses of all the banks were revoked in 2016, as their assets were not classified in line with the law, and they didn’t create adequate reserves and their aggregate capital did not meet the minimum requirements.

Some 32 banks are currently implementing their activities in the country.