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Depositors of bankrupt Azerbaijani banks get over 40M manats

Wednesday, August 17
The Azerbaijan Deposit Insurance Fund (ADIF) has paid compensations worth 40.4 million Azerbaijani manats to depositors of DekaBank, KredoBank, Zaminbank and Parabank, ADIF said in a message Aug. 16.

Acceptance of applications from insured depositors of the four banks began Aug. 1 and the payment of compensations has been carried out since that day. The insured deposits in those banks total 110.71 million manats.

Payments are being carried out at the branches of those closed banks.

Depositors of Parabank and Zaminbank received 16.1 and 18 million manats out of the total compensations of 43.79 million manats and 36.35 million manats, respectively.

The compensation paid to DekaBank’s depositors amounted to more than 2 million manats out of the payments’ total volume of 5.59 million manats.

KredoBank’s depositors received compensations worth 4.3 million manats out of the compensations’ total volume of 30.21 million manats.

The licenses of DekaBank, KredoBank, Parabank and Zaminbank were cancelled in accordance with the decision of the Financial Market Supervisory Body, dated July 21, 2016. (