Azerbaijani International Bank's subsidiary in Georgia may become non-bank organization

Sat 05 Jan 2019 20:38 GMT | 00:38 Local Time

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The National Bank of Georgia (NBG) has given its consent to the transformation of the subsidiary of the International Bank of Azerbaijan (IBA) in Georgia into a non-bank organization, Trend reports via Georgian media Jan. 4.

Vice-President of NBG Archil Mestvirishvili, whose statement is quoted by the media, noted that at the same time the completion of the liquidation of the IBA subsidiary was announced.

Shareholders of the International Bank of Azerbaijan decided to leave the markets of Georgia and Russia in March last year. The bank justified this decision with preparations for privatization.

IBA-Georgia has been operating since 2006. The bank has been serving both Azerbaijani and Georgian clients. The International Bank of Azerbaijan was founded in January 1992.

The International Bank of Azerbaijan has been at the stage of recovery since July 2015, which is associated with preparation for privatization of the state-owned shares of the bank. The bank has been operating since 1992 and is one of the two state-owned banks in the country.

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