Azerbaijan, Baku, April 20 / Trend N.Ismayilova /
The Azerbaijani BTB Bank became a member of the Azerbaijan Deposit Insurance Fund (ADIF), the fund reported.
Thus, the number of the ADIF member banks reached 43.
Deposits placed in the ADIF member banks at an annual percentage above 15 percent, are not insured by the fund and the compensation for them is not foreseen from January 2009. Currently, the maximum level of insurance coverage for the deposit is 30,000 manat. Investors do not make any payments for the insurance of their deposits, as insurance payments are made only by banks.
BTB Bank passed state registration for commercial activities at the Tax Ministry Feb. 24.
BTB Bank registered with an authorized capital of 12 million manat. Rzayev is he bank's legal representative. Its founders are three Nigar Mehtiyeva, Jafar Aliyev and Elmaddin Aliyev. Jeyhun Pashaly, Asim Salamov and Hafiz Mammadov are the members of the bank's supervisory board.
After obtaining the CBA's permission, BTB Bank become the forty-seventh bank on the local banking market. Recent developments in the country's banking market occurred in 2008. Their number was reduced by half in 2008 as two banks lost their licenses - Poctbank and Atlantbank.
The licenses for banking activities were provided to JSC Nakhchivanbank and Azfinans Bank (current AFB Bank).
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