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The bank's license was revoked from Oct. 1 and the fund operated as its liquidator.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