Russia’s Alfa Bank buys property of CDB’s subsidiary in Georgia

Russia’s Alfa Bank buys property of CDB’s subsidiary in Georgia
  • Clock-gray 13:46
  • calendar-gray 05 December 2016

Baku. Musa Ahmadov – APA-Economics. Alfa Bank’s access to Georgian market will bring benefit to Russian business, damage Azerbaijani business, Professor Lado Papava said in his interview to Interpressnews agency.

 

According to him, Alfa Bank’s access to the Georgian market will be a big mistake: “This bank intends to buy building of Georgia-based subsidiary of Caucasus Development Bank (CDB-Georgia), of which licence was revoked. The matter is about Azerbaijani bank. This means Russian business substitutes Azerbaijani business in Georgia. Azerbaijan is our strategic partner. Alfa Bank’s access to Georgian market will damage Azerbaijani business. If this happens, it will be a big mistake. The may turn into an international issue”.

 

Papava said head of Georgian National Bank Koba Gvenetadze said Alfa Bank has not applied for licence yet: “I am not satisfied with Gvenetadze’s word “yet””.

 

According to him, CDB-Georgia’s property should be sold at an auction: “Interesting enough, the buyer is already known. Koba Gvenetadze worked as the head of IMF mission in Azerbaijan for 4-5 years. I don’t understand such approach by him to Azerbaijani business. Everything may go negatively and cause deterioration of relations between the two countries”.

 

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