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French Financial Group Societe Generale may Leave the Georgian Market

French Financial Group Societe Generale may Leave the Georgian Market

After the British HSBC, the French group Societe Generale could leave the Georgian financial market. The group  now owns the bank “Republic” which may be sold.

The bank’s management has not  commented on this matter. While representatives of other Georgian banks expressed their opinion in this regard. According to Archil Kontselidze, General Director of “VTB -Georgia”,  the decision of the French group is associated mainly with the bank’s global strategy.

“Bank Republic” is one of the most reliable banks which has  very high-quality assets, and I am not afraid of such assessments, despite the fact that we are competitors. As for the Societe Generale’s possible leaving  Georgia, it can be associated with  the global strategy of the financial group as well as at the time it happened with  British HSBC,” – he says.

He believes that the group with assets of $ 2 trillion could not face any difficulties with the bank’s work in Georgia.

Lasha Papashvili, a  founder of the bank “Republic” is of the same opinion.

“Societe Generale is among the ten largest banks in Europe, and their decision  is not associated with insurmountable problems the bank faced in Georgia. HSBC which successfully operated  in the country made the same decision a few years ago. I believe that Georgia must do everything possible to convince   Societe Generale to stay in the country – this applies to both the bank and the government, regulatory bodies, the National Bank,” – he notes.

In the businessman’s opinion, this issue extends  beyond the scope of the business climate and is an issue of national importance.

“Societe Generale is a kind of business card of Georgia, and is one of the indicators of attractiveness of the country’s  business environment,” – he stresses.