The license of the International Bank of Azerbaijan in Georgia revoked

The General Meeting of the JSC International Bank of Azerbaijan – Georgia has made a decision to revoke the banking license and transfer it into a non-banking organization. The banking license of the bank has been revoked and, consequently, the bank was transferred to the liquidation mode.  In the liquidation process, JSC International Bank of Azerbaijan – Georgia will turn into a non-banking financial institution.

According to the assessment of the National Bank of Georgia, after the above processes, the requirements of remaining creditors of the bank and depositors in the first place will be satisfied.

The majority interest of the International Bank of Azerbaijan belongs to the government of the country. Since 2007, International Bank of Azerbaijan has been operating in Georgia with the name of International Bank of Azerbaijan – Georgia.

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