Compensation payments to depositors of Bank Standard, which declared bankruptcy in early October, will start at 10:00 on Oct. 11, the Azerbaijan Financial Market Supervisory Chamber said on Monday.
At initial stage, the Azerbaijan Deposit Insurance Fund (ADIF) will pay compensations worth up to 20,000 manats for insured deposits. The insured deposits will be repaid in the currency they were placed in.
If a deposit contains multiple currencies, the compensation is paid in manats at the exchange rate of the day when the insurance case was declared, that is, Oct. 4, 2016.
Payments on larger deposits will start in the coming days. Compensation can be received in the head office and branches of Bank Standard in Baku and regions of the country during a period of a year.
Bank Standard’s license was revoked on Oct. 1 and the bank declared its bankruptcy on Oct. 4.
Bank Standard was established in 1995. It was one of the largest private commercial banks in Azerbaijan and one of the market leaders in terms of deposit amount.
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