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National Bank of Georgia appoints temporary administration in Caucasus Development Bank-Georgia

19 August 2016 13:43 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. National Bank of Georgia (NBG) adopted decision to appoint temporary administration in “Caucasus Development Bank-Georgia”.

According to NBG, 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.