International Bank of Azerbaijan Launches Operation in Georgia

An affiliated bank of the partially state-owned International Bank of Azerbaijan?s (IBAR) officially launched operations in Georgia after it was granted a license by the National Bank of Georgia (NBG) on February 7.

?This is part of the regional cooperation that already includes the Baku-Tbilisi-Ceyhan oil pipeline, Baku-Tbilisi-Erzerum gas pipeline and Baku-Tbilisi-Kars railway projects,? Roman Gotsiridze, President of the NBG, said on February 7.

IBAR-Georgia was registered last November and its capital at that time was declared at the minimum required level of GEL 12 million (about USD 7 million).

Roman Gotsiridze also said that a total of USD 500 million in investments are expected in the Georgian banking system in 2007.

This post is also available in: ქართული (Georgian) Русский (Russian)