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Kumsishvili

New Regulations to Take Effect for Banking Holdings

“New regulations will be enforced in relation to banking holdings”, Vice Prime Minister Dimitri Kumsishvili noted after Georgian Capital was separated from BGEO Group and Georgian Capital shares were placed at London Stock Exchange (LSE).

The banking sector should be separated from real economy, he said.

“Today is of crucial importance for Georgia economy. We have received two independent companies and their shares are traded in the premium segment of London Stock Exchange (LSE). Moreover, we have received one health company in real economy with the potential of development. It is the issue of principle that commercial banks do their own business and noncore activities will be carried out by other companies with due legislative support.

I believe Georgian Capital will be a successful company, which will create new job places. The legislative package that we adopted in December 2017 will be improved further and new regulations will take effect in relation to banking holdings, which will more differentiate real sector from banking sector so as the real sector get more space for development”, Kumsishvili noted