JSC Caspian Development Bank (CDB or simply former Kovsar Bank) has become a member of the Azerbaijan Deposit Insurance Fund (ADIF).
According to the Fund, it is the 44th private financial structure on the roster.
JSC Caspian Development Bank was created in 1988, and in December of last year part of the bank's shareholders changed. In particular, now the major shareholder of the bank is the Azerbaijani Synergy Group founded in 2010, which is one of the largest private investment holdings in Azerbaijan. The authorized capital is 50,020,000 manat.
ADIF was created within the framework of the law "On deposit insurance" adopted December 29, 2006. It fully covers deposits up to 30 thousand manat attracted by banks at the rate of not more than 9% per annum. The main objective of the Fund is to ensure the return of bank savings to depositors in case of bankruptcy and liquidation of the bank's license to accept deposits. --17D-
Economics
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