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Givi Korinteli: National Bank Takes All Efforts to Thwart Nonbank Direction Development

Following microfinance organizations, credit organizations are also complaining about restricted market space because of dominant positions of commercial banks.

Givi Korinteli, founder of First Credit Union, urges the Authorities to curb monopolistic positions of commercial banks and support credit unions. The regulator should act as an advisor rather than supervisor, Korinteli noted.

“NBG makes all efforts not to develop the nonbank direction”, Korinteli noted and pointed to incorrect staff policy, as well as to strengthened influence of bank managers.

The regulator cannot be an unbiased instance, because in the process of  promoting the capital market, it will act on behalf of commercial banks, Korinteli noted.