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Basisbank Expands Network of Service Centers

Basisbank has expanded its network of service centers. The new service center N1 has opened in Zugdidi. Currently, the bank owns one service center in Gori, Kutaisi and Telavi, 3 service centers in Batumi. In whole, the bank manages 22 service centers all over Georgia. In June Basisbank renovated several …

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Rating of Commercial Banks due to ROE

Bank of Georgia is leader in terms of Return of Equity (ROE). ProCredit Bank was ejected from the list of Georgia’s top five major banks (7.3%). Only two commercial banks of 16 ones have ended the first half of 2017 in negative indicators (IS Bank and Finca Bank).   ROE …

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Chinese Development Bank to Fund Basis Bank with 15 mln USD

Chinese Development Bank to Fund Basis Bank with 15 mln USD

Basis Bank announced on attraction of 15 million USD from Chinese Development Bank. The sum will be directed on the funding of small and middle –sized enterprises. This is the second case of cooperation between the parties; Basis Bank has attracted 5 million USD from Chinese Bank in February, 2016. …

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TBC Bank’s ‘Startuper’ Finances Startups with GEL 2 mln

TBC Bank’s program – Startupper is summing up its 5-month results. Since the start of the program, 50 startuppers have already used the special loan of the  program and financial resources of 2,000,000 GEL have already been issued to promote starting businesses. Startups participating in the program operate in various …

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Liberty Bank Tops Rating of Commercial Banks

Liberty Bank Tops Rating of Commercial Banks

Crediting portfolio of commercial banks marked 19.316 billion GEL as of July 1 (H1/2017). Larization coefficient is 41.01%  (01.06.2017 – 18.7 billion; + 3.2% m.m; 40.1%). According to National Bank of Georgia (NBG), GEL-denominated loans portfolio rose by 256 million GEL (+3.4 month on moth), while foreign currency denominated loans …

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National Bank of Georgia Keeps Key Interest Rate at 7 pct

NBG

National Bank of Georgia said it kept its key interest rate unchanged at 7 percent on Wednesday, based on forecasts showing annual inflation exceeding its target of 4 percent this year. Consumer prices were up 7.1 percent in annual terms in June, 0.4 percent lower from the previous month. “Rising …

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VTB Bank Grows Crediting Volume in 2Q17

VTB Bank Georgia

VTB Bank has increased crediting volume. The growth in the second quarter totaled 3.4% (Q1/ 2017 – 893 million GEL). Net profits have grown by 54% (Q1/2017 -10.224 million). As of July 1 (H1/2017), VTB Bank ranks fourth in terms of assets with a 4.8% ratio. Assets   1 465 197 Loans …

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Iranian Mellat Bank enters Georgian Market

Iranian Mellat Bank enters Georgian Market

Iranian Mellat Bank enters Georgian market. The CEO of Iran Chamber of Commerce, Rahim Abachi told CBW exclusively that Mellat Bank recently has been actively spreading information in the Iranian Media about the plans on entering the Georgian market. According to Mr. Abachi, the talks about the entrance started in …

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National Bank: Crediting Volume Rises by 211.9 million GEL

The volume of lending by commercial banks (including loans to non-residents) in June 2017 increased by 211.9 million GEL or by 1.1 percent compared to the previous month (exchange rate effect excluded volume of lending increased by 1.6 percent) and constituted 18.9 billion GEL by July 1, 2017. The volume …

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Terabank Draws 12.5 million USD Financial Component from FMO

Netherlands Development Finance Company (FMO) has allocated 12.5 million USD to Terabank. The sum is to promote small and medium business sectors and women involvement in business activities. The agreement sets long-term cooperation between Terabank and FMO. Besides financial component, the agreement also calls for providing consultations for Terabank for …

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