October 6, 2016 / 2:12 PM / 10 months ago

Azerbaijan's Bank Standard declared bankrupt

BAKU, Oct 6 (Reuters) - Azerbaijan's mid-sized lender Bank Standard has been declared bankrupt, the Azeri Deposit Insurance Fund said on Thursday.

The bank's license was revoked from Oct. 1 and the fund operated as its liquidator.

The fund received 460 million manats ($288 million) in state credits from the central bank on Tuesday in order to give compensation to those clients who had insured deposits at Bank Standard.

$1=1.61 manats Writing by Margarita Antidze; editing by Christian Lowe

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below