Abu Dhabi Group buys Georgia bank

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.