Statement of the National Bank of Georgia
18 August, 2016
The National Bank of Georgia decided to appoint a temporary administration at JSC "Caucasus Development Bank - Georgia". The decision was made based on the processes developing around the head office of the bank in Azerbaijan, and not due to the problems of the bank operating in Georgia.
"Caucasus Development Bank - Georgia", with assets amounting to 0.14 percent of the total banking assets of Georgia, continues servicing its clients. According to the NBG, capital and liquidity levels of the bank are quite high and, if needed, the temporary administration can fully meet the requirements of creditors, including, the depositors.
Hereby, we would like to state that the Georgian banking sector is healthy, regulated in compliance with the best international practice and all decisions of the National Bank of Georgia aim at the sustainable and stable development of the banking sector.
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