Temporary Administration is Appointed by NBG in “Caucasus Development Bank-Georgia”

The National Bank of Georgia (NBG) adopted a decision to appoint a temporary administration in the “Caucasus Development Bank-Georgia”.

According to the NBG, their decision was not a result of any problems of the bank operating in Georgia, but by the processes developed around the Azerbaijan-based mother bank. The assets of the “Caucasus Development Bank-Georgia” amount 0.14% of total banking assets. The bank still continues serving the clients.

“According to the NBG, the 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,” the NBG’s statement reads.

The two banks have become bankrupt in Azerbaijan. “Atrabank” and “Caucasus Development Bank” were officially announced as bankrupt. Azerbaijan Deposit Insurance Fund (ADIF) was appointed as a liquidator of banks. (cbw.ge)