Georgian National Bank dismisses reports on the sale of VTB Georgia bank

The National Bank of Georgia on Monday dismissed reports on the possible sale of the VTB Georgia Bank to a Georgian businessman living and working in Russia, stating that they “had received no request for a permission to purchase the bank.”

 

“We know that there are many interests regarding the purchase of VTB Bank. However, no request for permission was officially submitted to the National Bank. At this stage, we do not have the right to publicly announce specific companies and names. However, we can assure you that any transaction will be done transparently, only in full compliance with the requirements of international sanctions and applicable legislation.

 

“Due to the fact that VTB Bank is sanctioned by the US Department of the Treasury, therefore, any transaction related to its purchase and sale must be agreed by the parties with the US Department of the Treasury. The National Bank will give its consent to the transaction only in case of this consent,” said NBG.

 

Before that, several media outlets said Davit Khidasheli, a Georgian businessman working in Russia, was interested in the purchase of VTB Bank Georgia JSC.

 

Due to the sanctions imposed on the background of the war waged by Russia in Ukraine, JSC VTB Bank Georgia has sold the medium business deposits and loan portfolio.

 

Liberty Bank took over this part of the service; while the retail loan and deposit portfolio was sold to Basis Bank.