International Bank of Azerbaijan – Georgia Established

Business Materials 26 February 2007 15:47 (UTC +04:00)

Azerbaijan , Baku /corr Trend N.Kirtzkhalia / International Bank of Azerbaijan-Georgia has been officially established after the issue of a license by the National Bank of Georgia .

A Trend Correspondent in Georgia was informed at the NBG that 75% of the new bank is owned by the International Bank of Azerbaijan , while 25% is held by the Azerbaijani bank CI Bank.

The NBA stated that the appearance of foreign banks in Georgia will lead to a drop in credit resources and application of advanced technology in client services.