Changes in Georgian Banking Sector
The National Bank of Georgia adopted decision to revoke banking license of one of our partner banks  - “Caucasus Development Bank-Georgia”. Recalling recent events, due to bankruptcy of Azerbaijan-based mother bank “Caucasus Development Bank”, the National Bank of Georgia appointed temporary administration in the bank, as of 18.08.2016.

In addition, TBC Bank announced its plans to purchase selected shares in the assets and deposits of JSC Progressbank, which represents another partner bank of the UFC.