Feb 5, 2016

In accordance with the Resolution № 4 dated 18 January 2016 of the Management Board of the Central Bank of the Republic of Azerbaijan the license №166 dated December 1, 1993   of the OJSC Bank of Azerbaijan was revoked.

          Regarding to the official letter № 16-00019-2016 dated January 22, 2016 submitted by the Central Bank OJSC Bank of Azerbaijan’s forced liquidation / bankruptcy was approved. Hereby in accordance to the Article # 2.1.9 of the Law “on deposit insurance” January 22, 2016 is the day of occurrence of the insurance event.  With regard to the Law “on deposit insurance” the Fund will announce in the mass media and publish a notification of the place and time of payment of compensations for the depositors of the OJSC Bank of Azerbaijan within 7 calendar days.

          The Fund shall pay compensatory pay-offs in the capacity of 100 per cent of the protected deposit in each member bank, but not more than 30 thousand manats.