Azerbaijan Completes Liquidation Of Two Banks

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 26. The AzerbaijanDeposit Insurance Fund has completed the process of liquidation oftwo banks - Azerbaijan Credit bank OJSC and Borcalı Bank, the Fundtold Trend .

“The liquidation process for two banks, Azerbaijan Credit BankOJSC and Borcalı Bank, has been completed. For four otherbanks-Royalbank OJSC, Caucasus Development Bank OJSC, GanjabankOJSC, and DemirBank OJSC-the final repayments to unsecuredcreditors are underway.

From 2020 to the present, depositors of six banks where insuredevents occurred have received compensation totaling 893.6 millionmanat or $ 522.3 million. Additionally, since the fund assumedliquidation duties, a total of 32.2 million manat or $18.8 million,has been paid to creditors of banks in liquidation, and thisprocess is ongoing,” the fund said.

To note, the Azerbaijan Deposit Insurance Fund was establishedin 2007.


Trend News Agency

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.