April 24 (SeeNews) - Montenegro's Deposit Protection Fund (FZD) will start the payment of guaranteed deposits to the customers of insolvent Atlas Banka [MNG:ATBA] on April 24, it said.
The guaranteed deposits will be paid at the offices of Societe Generale Montenegro, Hipotekarna banka, NLB Podgorica and Crnogorska Komercijalna Banka, FZD said in a statement on Tuesday.
Earlier this month, Montenegro's central bank launched insolvency proceedings against Atlas BankA after a public call for the recapitalisation of the lender drew no bids. The bank's interim administrator, Tanja Teric, said no investors had subscribed for any of the 88,710 new ordinary shares of Atlas Banka under the public call for recapitalisation until the expiry of the March 29 deadline.
On March 11, the interim administrator launched a public call for a 22 million euro ($24.7 million) recapitalisation, inviting investors who are not existing shareholders of Atlas Banka to subscribe for shares from the new issue.
Montenegro's central bank placed Atlas Banka and Invest Banka [MNG:IBMN] under its temporary administration in December due to their poor financial condition, after an audit showed that the capital of the two lenders did not meet the minimum risk requirements.
($ = 0.892174 euro)