Business | Banking
Abu Dhabi Group buys Georgia bank
Abu Dhabi Group has bought Georgian Standard Bank from the private equity group Salford Capital which was close to Georgian billionaire Badri Patarkatsishvili who died last month.
- Reuters
- Published: 00:32 March 10, 2008
Tbilisi: Abu Dhabi Group has bought Georgian Standard Bank from the private equity group Salford Capital which was close to Georgian billionaire Badri Patarkatsishvili who died last month.
"Salford Capital is pleased to announce that its affiliates and partners have sold a 100 per cent equity interest in Standard Bank, a commercial bank operating in Georgia, to KOR Bank, a newly registered commercial bank in Georgia, wholly-owned by Abu Dhabi Group," Irakly Rukhadze, Standard Bank's chairman, said.
Georgian National (central) bank placed Standard Bank into temporary administration last year because of what it said were worries over its liquidity.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
