Azerbaijani Daughter Banks in Georgia Resume Full Activity

Business Materials 19 August 2008 15:13 (UTC +04:00)
Azerbaijani Daughter Banks in   Georgia Resume Full Activity

Azerbaijan, Baku, 19 August / Trend corr. I.Khalilova / Azerbaijan bank's daughter branches in Georgia have resumed their activity in spite of the low economic activity in the country due to the Georgian-Ossetin conflict, Eldar Ismayilov, president of Azerbaijani Banks Association (ABA) and chairman of the Supervision Council in the Caucasian Development Bank, said.

"Azerbaijani banks' daughter branches, like all Georgian banks have suspended their activity for a day, as well as they have stopped loan issuing on 11 August. Banks have already started operating," Ismayilov said.

Caucasian Bank of Development has become the first Azerbaijani bank, which entered into Georgian market in 1999. At present, the assets of Caucasian Bank of Development's branch exceed $10mln and authorized capital touches $9mln.

Under the joint statement by the National Bank and Financial Supervision Agency, Georgian commercial banks have resumed loan issuing and service on credit card operations dating 19 August. Banks were recommended to toughen control over credit issue.

The Georgian Government declared 12 August free day for all Georgian based credit organizations in order to avoid agiotage.

"The statement covered Azerbaijani banks' branches as they operate in accordance with Georgian legislations," Ismayilov said.

The correspondent can be contacted at: [email protected]