Speaking before a Georgia Parliament committee on Monday, TBC Bank founder Mamuka Khazaradze stated that his bank was pressured to buy the money-losing Progress Bank founded by current Tbilisi mayor Kakha Kaladze.
In 2016, TBC Bank wanted to buy the profitable Bank Republic. When that purchase was made, TBC also assumed the assets and liabilities of Progress Bank. Khazaradze said Monday that former Prime Minister Bidzina Ivanishvili asked him to buy Progress Bank, which made a profit only once in its first nine years of existence.
Link to: Progress Bank Made Little Progress
The banking license for Progress Bank was soon cancelled.
Khazaradze spoke about Progress Bank while telling the parliamentary committee that the Minister of Internal Affairs and the president and vice president of the Georgia National Bank have been putting pressure on Khazaradze and TBC Bank.
The National Bank has been looking at transactions made by Khazaradze and TBC Bank in 2008. On February 21, Khazaradze resigned as chairman of the TBC Bank supervisory board.
By Nino Bakradze