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National Bank of Georgia addresses to depositors of Caucasus Development Bank - Georgia - UPDATED

National Bank of Georgia addresses to depositors of Caucasus Development Bank - Georgia - <span style="color: red;">UPDATED

02 September 2016 15:00 (UTC +04:00)

According to the statement, the fact was caused by the processes developed around Azerbaijan-based mother bank.

The decision was signed by the first Vice-President of National Bank of Georgia.

According to NBG, demands of depositors will completely be fulfilled.

Along with this, a liquidator – Roin Tsatsishvili has already been appointed to the bank. He said those with obligations before the Caucasus Development Bank – Georgia must fulfil their obligations timely.

*** SAAT 16:12

Baku. Musa Ahmadov - APA-Economics. National Bank of Georgia (NBG) has today passed a decision to revoke the licence of Caucasus Development Bank – Georgia.

Earlier, the NBG had adopted a decision to appoint temporary administration in “Caucasus Development Bank-Georgia”. The fact is not caused by the problems of the bank, operating in Georgia, but by the processes developed around Azerbaijan-based mother bank. Assets of “Caucasus Development Bank-Georgia” amounts 0.14% of total banking assets. The bank still continues serving the clients.

“According to NBG, bank’s liquidity and capital level is rather high and in the case of needs, the administration is ready to meet the demands of creditors and depositors.

At the same time, we declare, that Georgian financial sector is healthy. It is regulated by the international practice and all decisions of NBG serve to stabile and sustainable development of the sector”, – NBG’s statement reads.

To remind, two banks have become bankrupt in Azerbaijan. “Atrabank” and “Caucasus Development Bank” were officially announced as bankrupt. Azerbaijan Deposit Insurance Fund (ADÄ°F) was appointed as a liquidator of banks.