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International Bank of Azerbaijan to Withdraw from Georgian Market

International Bank of Azerbaijan (IBAR) plans to withdraw from Georgia. The bank will close several affiliate banks, including in Georgia and Moscow.

The controlling interest of IBAR is owned by Government of Azerbaijan. IBAR launched operation in Georgia in 2017 as International Bank of Azerbaijan – Georgia.

IBAR finished the fourth quarter of 2017 in profits of 750 960 GEL.

We remind you that information on IBAR plans for withdrawal from Georgian market was spread in 2017. In that period the Bank announced plans for restructuring debts, however, National Bank of Georgia (NBG) did not confirm the information.

But in this case Azerbaijani media agencies refer to a representative of IBAR supervisory board. Namely, according to the source, the decision was made by the bank management on March 14.