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Butskhrikidze: Being a big Financial Institution is Critically Important in the Small Country

Butskhrikidze: Being a big Financial Institution is Critically Important in the Small Country

Envisaging current conditions at the market, TBC regards extend as a critically important step for the development.

“For Georgia, which population is less than 4 million, it is critically important to be a big financial institution and have large scales in order to become more effective and offer your clients new technologies and better conditions. I mean technological products, as well as better conditions on credit and deposit products”, – Vakhtang Butskhrikidze, general director of TBC Bank declares.

The banker notes, that TBC gets stronger by acquisition of “Bank Republic”. However, “Bank Republic” will not exist as an independent brand. The brand should be changed in the near future and the bank will be integrated.

To remind, “TBC Bank” purchased 93,6% stake of “Bank Republic” at 315 million GEL. The deal will be finished before the end of the year. Societe Generale will have 5,4%-share in the extended bank. However, EBRD will sustain the share as well.