Azerbaijan, South Korea sign MoU on deposit insurance

24 November 2024

Azerbaijan, South Korea sign MoU on deposit insurance cooperation

13:08 16 October 2023 Read: 1082

Azerbaijan, South Korea sign MoU on deposit insurance cooperation

Deputy executive director of the Azerbaijan Deposit Insurance Fund (ADIF) Akshin Jahangirov and Chairman and President of the Korean Deposit Insurance Corporation (KDIC) Yoo JaeHoon signed a memorandum of understanding, AzVision.az reports.

The memorandum envisages promotion of joint international deposit insurance cooperation between ADIF and KDIC, as well as KDIC’s sharing best practices concerning banks liquidation process and development of the deposit insurance system in Azerbaijan.

According to the memorandum, the institutions will define the main directions and objectives of cooperation, positively contribute to the development of deposit insurance system, hone practical and theoretical knowledge of potential ADIF human resources in order to optimize the bank liquidation process, increase the efficiency of the asset management process, and accelerate the compensation payment.

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