Azerbaijan names amount of paid compensations to depositors of closed banks

By Trend

Compensation on insured deposits in the amount of over 622.8 million manat ($366.3 million) as of February 11, 2021, was paid to the depositors of the closed AtaBank, Amrahbank, NBC Bank, and AGBank, Trend reports citing the report of the Azerbaijan Deposit Insurance Fund (ADIF).

Some 9,745 AtaBank depositors received compensation in the amount of 242.8 million manat ($142.8 million), 5,786 Amrahbank depositors - about 140 million manat ($82 million), 4,650 AGBank depositors – over 111 million manat ($65.3 million), and nearly 4,200 NBC Bank depositors received compensation worth more than 129 million manat ($75.8 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.

(1 USD = 1.7 AZN on Feb.12)