The meeting of stakeholders of JSC International Bank of Azerbaijan (IBAR) C Georgia has taken decision on cancellation of banking license and transformation into non-bank organization.

Under the decree elapsed the vp of National Bank of Georgia (NBG), the banking license have been stripped from JSC IBAR C Georgia therefore, the financial institution has gone after a liquidation regime. JSC IBAR-Georgia shall be turn into nonbank organization.

The mentioned processes will fully satisfy the demand of the bank’s creditors, first off, depositors, the NBG statement reads.

According to Georgian law on Deposits Insurance System, to have insured deposits, depositors should connect with LELPL Deposits Insurance company, while creditors should pertain to Roin Tsatsiashvili, liquidator of IBAR-Georgia to obtain funds that insured within the mentioned law.

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