BAKU, Azerbaijan, June 5
By Eldar Janashvili – Trend:
International Bank of Azerbaijan OJSC was chosen as an agent bank of Azerbaijani AG Bank OJSC and NBC Bank OJSC in accordance with the decision of the Board of Trustees of the Deposit Insurance Fund, Trend reports on June 5 referring to the Fund.
The licenses of AG Bank OJSC and NBC Bank OJSC for banking activity were canceled by the resolution of the Board of the Central Bank of Azerbaijan dated May 12, 2020.
The compensation on deposits in AG Bank OJSC and NBC Bank OJSC will be paid in a cashless form, said the fund.
The deposits will be compensated in accordance with the Azerbaijani law "On full deposit insurance". The compensation on deposits in the branches of the International Bank of Azerbaijan will be returned in two stages to prevent big queues of depositors, to pay compensation systematically and to meet citizens’ needs.
“The compensation on deposits in AG Bank and NBC Bank up to 30,000 manat ($17,647) will be paid from June 16, 2020, while compensation on deposits over 30,000 manat will be paid from July 15, 2020,” the source added.
In accordance with article 28.3 of the Azerbaijani law "On deposit insurance", the Deposit Insurance Fund accepts the applications from depositors within one year from the date of the first publication of the notification about compensation. In accordance with the law, the date of the insured event in the mentioned banks is April 28, 2020. The deposits will also be refunded in accordance with the law.
When applying to the appropriate branches of the International Bank of Azerbaijan to receive the compensation, the depositors shall submit a deposit agreement (together with annexes), a savings book, other documents confirming ownership of the deposit (receipts from the account) and ID card in accordance with the procedures for the payment of compensation.
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