Georgia’s Credo Bank plans to purchase another Georgian bank – Finca, the country’s National Bank said.

The National Bank said it had initiated administrative proceedings regarding the assessment of the transaction of the acquisition of 100 percent of the shares of Finca Bank Georgia in a competitive environment.

The number of commercial banks in Georgia will reduce to 14 after the transaction.

Credo Bank’s assets amounted to 1.39 billion lari as of April 1. It ranks eighth in the banking system. Finca Bank’s assets amounted to 279 million, ranking it 13th in the banking system.