National Bank of Georgia announces completion of IBA liquidation

Baku. 4 January. REPORT.AZ/ The National Bank of Georgia has announced the completion of liquidation of the International Bank of Azerbaijan and agreed on its transformation into a nonbanking organization.

Report informs citing Georgian media that under the instructions of the NBG vice president Archil Mestvirishvili, the liquidation statement of the bank opened in NBG must be closed and removed from register.

On January 8 the order will be submitted for due response to the register of entrepreneurial and non-entrepreneurial legal entities.

Notably, the bank started the liquidation process independently and addressed the NBG after cutting the portfolio to GEL 100,000 (nearly AZN 65,000). The statement also contained some uncalled assets of the customers.

Before NBG appointed a liquidator, they themselves chose a contractor for the portfolio on sale and repaid the primary obligations of the shareholders.

The Azerbaijani bank left Georgia after 11 years of operation.