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David Tsaava

General Director of BasisBank Reviews the year of 2015 for Banking Sector

The Fitch rating for the Georgian bank sector is “Stable”. This signifies considerable reserves of commercial banks will compensate the quality of assets affected by the GEL depreciation.

The 36% devaluation was the main challenge in 2015. The bank sector has showed steadiness amid the GEL depreciation, GDP growth slowdown and a demand contraction in exports markets. The Georgian bank sector has maintained positive indicators.

David Tsaava General Director of Basisbank reviews the year of 2015 for Banking Sector.

The year of 2015 was special because of its difficulties and success. The bank has maintained high paces of growth, including in the crediting part. The crediting portfolio has increased by more than 60%.

Amid the GEL devaluation the Bank has managed to balance the increased risks to borrowers and offered adapted terms, maximally alleviated the GEL depreciation burden. The Bank has managed this through additional reserves and reasonable management of risks.

At the same time, we have maintained paces for developing new products. The bank continues the network expansion too. We have also achieved an important agreement with partners and ensured the bank’s successful positioning. The year was also important in terms of social responsibility.

The bank has broadened education programs and enabled more young persons to continue their studies and receive Basisbank scholarships.