National Bank of Georgia denies rumours of Russia’s Alfa Bank entering Georgia

In May 2015 Georgia's monthly inflation rate reached 0.6% and the annual inflation rate equalled 3.5%. Photo by N. Alavidze/, 10 Dec 2016 - 14:01, Tbilisi,Georgia

The National Bank of Georgia (NBG) says rumours of Russia's Alfa Bank possibly entering Georgia are absolutely false.

In an official statement released last night, NBG said Alfa Bank had not addressed the central bank of Georgia to request a relevant license for entering the local market.

NBG also noted another rumour was also false which claimed a French company was studying the financial audit of the Caucasian Development Bank-Georgia, and Russia's Alfa Bank planned to make an official statement about entering Georgia after the French report was ready.

NGB’s statement came after several Georgian media outlets reported that Russian banking giant Alfa Bank intended to enter the Georgian market.

The reports earlier this month said Alfa Bank planned to buy the assets of the Caucasus Development Bank-Georgia and that the audit service had already entered the bank to carry out its review.