Azeri bank buys Georgian Oil Company office for 4m USD

"The Azeri bank will buy the building of Georgian Oil Company paying 4m USD," Minister for Economic Development Irakli Chogovadze said after the Cabinet session on Wednesday.

Chogovadze added that the Azeri bank is going to heavily invest in Georgia and implement important business projects.

50 percent interest in International Bank of Azerbajan remains in state ownership. Its assets make 50.9% of the total assets of the banking sector of Azerbajan.

International Bank of Azerbaijan has received a long term BB rating and short-term B rating from international rating agency Eith.

Irakli Chogovadze said the building currently owned by Agriculture Ministry of Georgia will also be sold directly to Intercontinental, the group which runs a chain of hotels in Georgia. GBC

/The Georgian Times/