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Capital Bank increases capital and changes head office

JSC Capital Bank (former Invest Ban) increases capital by 6,9 million GEL. Supervision board of the bank made the decision. The capital should be filled till December 31. Respectively, supervision capital will also increase. Due to failure to comply it temporary administration of National Bank of Georgia entered in the …

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TBC completed 8 months with 74,4 million GEL profit

JSC TBC bank completed January-August with 74,4 million GEL profit. In the same period of last year bank’s profit equaled to 40 million GEL. In August profit was 15,7 million GEL. By September 1 credit portfolio of the bank was 2,726 billion GEL (01/09/13 – 2,319 billion), deposits – 2,9 …

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Interest on Mortgages Reduced in Georgia

In Georgia, there is a tendency for interest rates on mortgage loans to reduce, but in spite of this, according to the World Bank, the country’s interest on a mortgage is the highest in the region, not to mention developed countries – in Georgia, the interest on the mortgage starts from 9%, while in Europe – an average …

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Development Finance Corporation to be Established instead of Development Bank

The Development Finance Corporation will be established instead of the Development Bank, whichwill be  based on the concept of reform of the Partnership Fund. Minister of Economy, Vice  Prime Minister George Kvirikashvil said  after the today’s Cabinet meetingthat  the draft law had been submitted to Parliament and would   undergo significant changes. The idea of creating the Development Bank belongs to Bidzina  ​​Ivanishvili. In his opinion, the Development Bank …

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Gov’t not to Control Non-core Assets of Banks

The Georgian government does not intend to restrict the right of banks to own non-core assets – and this is despite the fact that banks have long owned companies in sectors such as construction, insurance, tourism, leasing, sports, wine, and even fitness. Out of  21 banks registered  in Georgia, non-core assets are …

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EBRD SELLS ITS HOLDING IN BANK OF GEORGIA

Sale reflects strong institutional investor demand and increasing investor focus on Georgia The EBRD has sold its 5% stake in Bank of Georgia Holdings Plc, the country’s largest bank. The 1,795,503 shares, representing the EBRD’s entire holding in Bank of Georgia, were sold in an Accelerated Bookbuild Offering launched after …

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Credit Investments of Georgian Commercial Banks Amount to GEL 11.1 Billion

In August 2014 , the volume of credit investments, including loans to non-residents,increased by  GEL 41. 4  million (0 4%) in comparison with the previous month and amounted to GEL 11.1 billion. In the same period, loans issued in the national currency increased by GEL 0.9 million (0, 02%), in the foreign currency – by GEL 40.4 million (0, 6%). According to the …

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Private Moneylenders not to be Allowed to Lend in Cash

In the near future, the Association of Banks of Georgia intends to submit to the Parliament and the Ministry of Justice the law prohibiting the private moneylenders to give customers cash loans. It is expected that the law will be initiated by the Ministry of Justice. According to President of the Association of …

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