Giving of compensations on four banks approaches to end


November 4, Fineko/abc.az. Provision of compensations to depositors on the four closed banks is under completion.

ABC.AZ reports with reference to the Azerbaijan Deposit Insurance Fund that the full payment process will be finished for a short time in accord with the procedure established by law.

"The International Bank of Azerbaijan (ADIF’s agent bank) has paid since 16 June more than AZN 201 million (74.4% of the total compensation obligation) to 8,432 depositors of AG Bank and NBC Bank (both banks have been in the process of liquidation). ADIF’s another agent, Kapital Bank, has paid over AZN 358 million (88.5% of the total compensation obligation) to 15,212 depositors of Amrah Bank and Ata Bank since 1 June 2020.

Taking into account the principles of operation of agent banks involved in the process of compensation and compensation payments by the Fund since March, during the pandemic and even during the strict quarantine regime, for the first time in the short period of the Fund's existence, full compensation payments to depositors totaling AZN 560 million were made," the report says.