BAKU, Azerbaijan, July 6
By Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) authorized JSC Credo Bank to acquire a 100 percent stake in JSC Finca Bank Georgia, Trend reports via the NBG.
According to the NBG’s statement, the regulator body considers based on the analysis, that acquisition of Finca Bank by Credo Bank is compatible with the competitive environment.
After the purchase of Finca Bank by Credo Bank, the number of commercial banks in Georgia will be reduced to 14.
According to the financial report 2020, Credo Bank has assets of 1.35 billion lari ($428.6 million) and ranks in the 8th position in the banking system. FINCA Bank owns assets of 287 million lari ($91.1 million) and ranks in the 13th position in the banking system.
The bank's net profit for 2020 - 0.6 million lari ($190,521).
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