Georgian National Bank appoints temporary administration to Investbank

Georgia Materials 2 November 2013 18:31 (UTC +04:00)

Georgia, Tbilisi, Nov. 1 /Trend N.Kirtzkhalia/

Georgian National Bank has appointed a temporary administration to the Investbank.

The head of the Georgian National Bank, Giorgi Kadagidze said at a special briefing that this decision was taken due to the detection of serious violations.

"We will not allow casting even the slightest shadow over the banking sector. Therefore I would like to note that the auditors, who carried out inspections at the National Bank, identified a number of irregularities in the Investbank. On the basis of the irregularities' content and weight, we have decided to appoint an interim administration to the Investbank. It will continue to work with shareholders to satisfy our conditions, and in case if our conditions are satisfied in the near future, the interim administration will leave the bank. Otherwise, we will act in accordance with the law," Kadagidze said, noting that bank's sale is not ruled out.