'United Credit Bank' to receive applications of depositors on February 9

Compensations will be paid through 'Unibank'

Baku. 8 February. REPORT.AZ/ Receiving depositors' applications on payment of compensations on insured deposits at 'United Credit Bank' OJSC will start on February 9.

Report informs, Azerbaijan Deposit Insurance Fund (ADIF) Executive Director Azad Javadov said at today's press conference.

According to A.Javadov, in general, total amount of deposits and number of depositors have not been fixed yet.

DIF Director said compensations will be paid through 'Unibank' OJSC.

Notably, in accordance with the decision of the Managerial Board of the Central Bank of Azerbaijan Republic (CBAR) dated January 25, 2016, banking license of 'United Credit Bank' OJSC has been revoked due to failure to comply with statutory minimum total capital requirement, to fulfill its obligations to creditors, to manage current activity in a safe and prudential manner. In accordance with Article 51 and Article 52 of law 'On banks' temporary administrator has been appointed at the bank on January 26, 2016. On February 3, insured event at the mentioned has officially been confirmed.

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