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Russia’s Alfa Bank Enters Georgia

Russia’s Alfa Bank Enters Georgia

Commersant has learnt that the Russian banking giant Alfa Bank enters Georgia. According to the source, Alfa Bank  buys the assets of the Caucasus Development Bank-Georgia and  the audit service has entered into the bank.

The National Bank of Georgia (NBG) has revoked thebank’s license  in September this year, as a result of which, the bank moved to liquidation regime. The reason for the cancellation of the license was the problems around the bank’s  head office based in Azerbaijan on August 18, 2016.

Founded in 1990, Alfa Banking Group offers a wide range of products and operates in all sectors of the financial market, including corporate and retail lending, deposits, payment and account services, foreign exchange operations, cash handling services, custody services, investment banking and other ancillary services to corporate and retail customers.

Alfa Banking Group is headquartered in Moscow, Russia, with branch network consisting of 745 offices across Russia and abroad, includes a subsidiary bank in the Netherlands and financial subsidiaries in the United States, the United Kingdom and Cyprus, and employs approximately 21 thousand people

The Alfa Banking Group has maintained its position as one of the top Russian private bank by total assets, total equity, customer accounts and loan portfolio. Its corporate and retail client base has grown considerably during the last few years — as of December 31, 2015 Alfa Banking Group served over 255 000 corporate customers and 13.6 million retail clients.