Mugan Bank’s license is revoked.
Deposits will be returned to the customers

   On October 19, 2023, the license of the commercial bank “Muğan Bank” was revoked!
   All the management powers of “Muğan Bank” OJSC, including the powers of the chairman, the Shareholders Meeting were transferred to the temporary administration. The bank applied to the court with a a petition for bankruptcy liquidation.
   As indicated in the decision of the Central Bank of Azerbaijan dated 18.10.2023, the amount of the bank’s total capital is less than the minimum established amount, the total capital adequacy ratio is less than 3%, the bank does not carry out its current activities reliably and prudently, and there are inadequate internal management and control procedures in the bank.
   At the moment the amount of insured deposits is 216.7 mln. AZN. This assumes that the bank will be able to repay the claims of 99% of depositors.
   Also, Mugan Bank is a member of the Azerbaijan Deposit Insurance Fund, which means that the insurance payments will be made by the Fund itself.
   On November 1, 2023, the Deposit Insurance Fund of Azerbaijan (which is currently appointed as the liquidator of MuganBank OJSC) announced that the payment of compensation for insured deposits of individuals will begin on November 27, 2023.

   You can also read about the procedure for receiving insurance payments in our article “Deposit insurance in Azerbaijan” and contact us for legal aid today!