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NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

New Bill to Smooth Foreign Banks Licensing Procedures

According to the bill on National Bank of Georgia (NBG), the list of documents to be submitted to NBG for obtaining a banking license is broadened:

  • More detailed information must be submitted about the bank owner;
  • The bank must submit business model and risks management documents approved by a supervisory board in advance;
  • More detailed information must be submitted about representatives of managing structures;

The bill also specifies that the structure of group of persons, owners and management and operation/environment of license-seekers must ensure an implementation of efficient supervision on both individual and considerable level without threatening stability and healthy operation of a bank or/and financial sector.

The bill also calls for simplifying procedures for licensing a foreign commercial bank.