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.

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