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Banking

Net Profits of Commercial Banks Shrink

According to National Bank of Georgia (NBG), net profits of commercial banks made up 47 993 000 GEL in June 2018. According to NBG indicators, the banking sector’s net profits halved year on year. According to the 2017 June indicators, the banking sector’s profits made up 95 882 000 GEL. …

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Insured Deposits Exceed 1.5 billion GEL

Insured deposits at commercial banks constituted 1 251 774.70 GEL, which were paid by commercial banks in July 2018. According to Deposits Insurance Agency, as of June 39, total amount of deposits at commercial banks made up 20 419 077 133 GEL, including retail deposits of 10 842 231 644 …

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TBC Expands on Azerbaijan Market Buying Local Bank’s Share

JSC TBC Bank, a subsidiary of TBC Bank, has signed a contract with Nikoil Bank, aiming to expand its bank business in Azerbaijan. In particular, according to the agreement, the Azerbaijani subsidiary of the bank TBC Kredit becomes the owner of Nikoil Bank’s share. It takes bank regulator’s consent to …

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Dollarization of Loans Issued by Commercial Banks Fall to 54.7%

Over the past year GEL-denominated loans rose by 2.4 billion GEL, while foreign currency denominated loans declined by 499 million USD. As of July 1, 2018, commercial banks have issued loans of 23.3 billion GEL in both currencies. The ratio of foreign currency denominated loans in total loans portfolio is …

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JSC International Bank of Georgia – Georgia Stripped of Banking License

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

The meeting of stakeholders of JSC International Bank of Azerbaijan (IBAR) – Georgia has taken decision on cancellation of banking license and transformation into non-bank organization. Under the decree passed by the vice president of National Bank of Georgia (NBG), the banking license has been stripped from JSC IBAR – …

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First Fully Digital Bank – Space Transforms Georgia’s Banking System

Structured as an autonomous business, Space provides customers with the full range of retail banking services including loans, saving products and payment cards. The business was developed from concept to launch in just eight months with the support of software-as-a-service engine Mambu. Interview with Lasha Gurgenidze, project leader at Space. …

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TBC Bank Named as Best Bank in Georgia for 2018

Authorized financial magazine Euromoney named TBC Bank as the best bank in Georgia for 2018. TBC Bank has been awarded for the leading position in the market for high standards and outstanding financial results. “We are proud to receive Euromoney’s prestigious award. This recognition reaffirms TBC Bank’s strong financial results …

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TBC TI Bot Starts New Promotion for Customers

TBC Bank’s chat bot, Ti Bot that allows banking operations, offers customers a new promotion. Within the promotion, users who transfer money through Ti Transfer will be awarded with Taxify or Luca Polare vouchers. It started on July 10 and will last for 4 weeks. 500 winners will be announced …

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Georgia’s TBC Ventures into Neobanking Space in 8 months

TBC, the largest bank in Georgia, has engineered its own cloud-based, digital-only neobank, dubbed Space. Structured as an autonomous business, Space provides customers with the full range of retail banking services including loans, saving products and payment cards. The business was developed from concept to launch in just eight months …

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Liberty Bank to Launch New Program for Pensioners

The Memorandum of Cooperation has been signed between Liberty and New Hospitals, according to which pension recipients will receive medical services with special conditions for them. Under special conditions, the Liberty social card holders will benefit until the end of 2018 and will be able to check their heart, internal …

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Georgian Stock Exchange Review

Two deals were made at Georgian Stock Exchange (GSE) during the last week’s trading sessions. Deals were made on 26085 shares of JSC Liberty Bank and JSC Bank of Georgia. Total value of the deals marked 3464 GEL. As to off-exchange deals, one off-exchange deal was made on more than …

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