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Banking

Commercial Banks Net Profit Increased by 11.6%

PMC Group Research Center has published a review of the banking sector. The research covers the January – July period. Net profit of commercial banks increased by 11.6% in  January –July  2014 compared with the same period of  2013 and amounted to  GEL 214.9 million. In July 2014, the balances of deposits increased (19.1%) …

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WILL VTB BANK CARDS WORK ABROAD?

The USA Sets Sanctions against VTB and SberBank As it  is known, the U.S. and EU announced sanctions against several Russian state banks, among them “VTB Bank”, which has a branch in Georgia. Whether sanctions will have an impact on the Georgian representation? At this stage, the representatives of “VTB-Georgia” …

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MFOs not to Issue Credit Cards

Georgian  microfinance organizations disclaim intention to start issuing credit cards, and will continue to focus on business lending. According to the head of the MFO “Georgian Credit” George Naskidashvili, the organization is at a stage of development at which consumer lending  is not  a leading product and gives way to business lending. “Today,  business …

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10 Banks Appropriated Property Worth GEL 86 Million in the First Two Quarters of 2014

During 2014 the number of records in the debtor’sregistry increased by 33 000 – if in 2013 in total  94474 people were listed  in the registry, and as of September 1, 2014 – 127 503. Since 2010, malicious defaulters on bank debt are recorded in a single database of debtors, and everyone who is in this  list is denied the right to dispose the  property, then with high probability it …

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Average Annual Interest Rate of Pawnshop Loan Amounts to 54.1%

By the end of 2013, in total 1 031 organizations were engaged in the pawn business in Georgia. Of these, 45.8%  are located  in Tbilisi, 13.5% – in Imereti, 12.3% – in Adjara, 10.6% – Samegrelo-Zemo Svaneti region, while the remaining 17.8% functionin other regions. The study conducted by “Sakstat” says. In 2013, the weighted average interest rate of a pawnshop loan amounted to 54.1%. The average …

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94% of Population of Georgia Enjoy Banking Services

An interview with a research director at “TNS” representation  in the South Caucasus George Abramishvili What are the results of your research? How highis demand for banking services in Georgia?  A study conducted in 7 major cities of Georgia showed that nearly 74% of the population directly enjoy banking services – which means  basic banking services  such as invoices, credit cards, …

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WILL VTB BANK CARDS WORK ABROAD?

The USA Sets Sanctions against VTB and SberBank As it  is known, the U.S. and EU announced sanctions against several Russian state banks, among them “VTB Bank”, which has a branch in Georgia. Whether sanctions will have an impact on the Georgian representation? At this stage, the representatives of “VTB-Georgia” …

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“Society and Banks” – “VTB” Clients will not Face any Problem in Relation to Deposits and Credit Products

“Society  and banks” released a statement regarding the imposition of sanctions on the Russian “VTBBank” by  the U.S.  and the EU. U.S. and the European Union’s sanctions against theRussian “VTB bank” will not have a direct influence on Georgian consumers because “ VTB”  branch in Georgia is an  independent financial and legal unit. It has its own capital, which has been recentlyincreased by “VTB” shareholders. “Society  and Banks” believes that at this …

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Russia’s State VTB Bank to Strengthen Positions in Georgia and Ukraine

VTB to Decapitalize VTB Bank Georgia Russian ВТБ plans decapitalization of the subsidiary banks in Georgia and Ukraine. Russian state credit organization made official statement about it/ Increase of the authorized capital of Georgian subsidiary VTB Bank Georgia is planned by 116,24 million GEL ($65,5 million). Authorized capita of Ukrainian …

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Georgian Lending Paradox

“Mtskheta Food Company” which produces products under the “Golden Fleece” brand cannot resume operation due to the government-subsidized preferential agrolending program. In particular, the company’s  Director  Givi Giutashvili says  that banks participating in the program require a large  collateral for the loan and the company’s property is evaluated far below its market value. The fate …

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PASHA Bank – General Sponsor of International Chess Festival

PASHA Bank, a full service corporate bank, was the general sponsor of the 9th International Festival – Nana Alexandria Cup – 2014. Out of the 9 years of Festival’s history, Pasha Bank has been the largest sponsor of the Festival.  The 9th Poti International Chess Festival Nana Alexandria Cup – …

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