TODAY.AZ / Business

International Bank of Azerbaijan launches operation in Georgia

07 February 2007 [21:07] - TODAY.AZ
Partially state-owned International Bank of Azerbaijan's (IBAR) affiliated bank in Georgia has officially launched operations after it was granted with a license by the National Bank of Georgia (NBG) on February 7.

"This is part of the regional cooperation which already involves 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 announced at the level of minimum requirement – GEL 12 million (about USD 7 million).

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


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