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Consumer Loans Rise in Value

Lari loans

Interest rates on GEL-denominated consumer loans have increased, while on USD-denominated consumer loans have decreased. According to the National Bank’s statistics, averaged interest rate on GEL-denominated short-term bank credits is 19.9%  (Q1.2017 – 19.4%),  and foreign currency denominated loans – 6.0% (Q1.2017 – 8.1%). Annual interest rate on GEL-denominated  long-term …

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Unfair Rules of Play in Georgian Banking Sector

The Ministry of Finance of Georgia has announced a new government initiative to create an alternative to expensive banking products. According to Minister of Finance Mamuka Bakhtadze, this initiative is necessary to help the economy progress. “The Georgian banking system should drive economic development, not frustrate it, but, regretfully, in …

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Fitch Affirms 4 Georgian Banks, Revises Outlook on TBC and BOG to Positive

Fitch Ratings has revised the Outlooks on Bank of Georgia’s (BoG) and TBC Bank’s (TBC) Long-Term Issuer Default Ratings (IDRs) to Positive from Stable and affirmed the IDRs at ‘BB-‘. Fitch has affirmed Liberty Bank’s (LB) Long-Term IDR at ‘B+’ with a Stable Outlook and ProCredit Bank’s Georgia (PCBG) Long-Term …

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National Bank Bans Issuing Bank Loans to Insolvent Clients

Insolvent

What to expect from new regulations? The president of the National Bank of Georgia (NBG) has passed a decree to add changes to the Provision on the Concentration of Credits at Commercial Banks and Big Risks. The changes aim to protect consumer rights and bolster healthy credit portfolios at commercial …

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Finca Bank’s Market Ratio Declines

Finca Bank’s ratio on crediting market has declined. As of April 1 (Q1/2018), the bank’s ratio accounts for 1%. The bank’s market ratio in terms of assets accounts for 0.8%.     Q1/2018 Q3/2017   GEL GEL Profits 606 000 1 330 280 Assets 284 477 000  288 569 390 …

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Banking Sector’s Revenues Grow

The banking sector’s revenues have increased by 113 million GEL year on year (+20% year on year). In the first quarter of 2018 the sector’s revenues amounted to 941.5 million GEL. In the same period of 2017, commercial banks received 828 million GEL revenues. According to National Bank of Georgia …

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Annual Incomes of Two Georgian Bankers Exceed 9 million USD

The incomes of BGEO Group and TBC Bank top managers grow on annual basis. The Commersant has obtained previously unknown information about the wages of BGEO General Director Irakli Gilauri and TBC Bank General Director Vakhtang Butskhrikizde. This information is based on annual reports from 2017 by BGEO Group and …

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Georgian Banking System Hampers Economic Development

Mamuka Bakhtadze

Minister of Finance against Commercial Banks Georgian banking system frustrates economic development, Georgian Finance Minister Mamuka Bakhtadze said at TechnoPark, where a memorandum on implementation of digital Silkroad project was signed. «Bank loans with high interest rates frustrate development of entrepreneurship and business. The Georgian banking system is to drive …

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Loan Interest Rates Declined by about 6% over Past 5 Years

Loan interest rates have declined by about 5% over the past 5 years, TBC Bank director general Vakhtang Butskhrikidze said. Interest rates have declined on each type of loans. I am sure this dynamics will be continued”, Vakhtang Butskhrikidze said. He also commented on the last statement by Finance Minister …

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Nobody Loves Commercial Banks in Poor Countries, There is Nothing Extraordinary

Giorgi Kadagidze

“Nobody loves commercial banks in poor countries, but there is nothing extraordinary in this reality”, Giorgi Kadagidze, the former president of National Bank of Georgia (NBG) said when commenting on the last statement by Finance Minister Mamuka Bakhtadze regarding commercial banks. “Anti-bank moods is an important part of political agenda …

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Bank of Georgia Personifies Its Logo

According to the General Director of Bank of Georgia Kakha Kiknavelidze, company has personified its logo. From today, customers will have their own logo instead of the logo of Bank of Georgia and will be able to place name it individually, Kakha Kiknavelidze noted that customers could also personalize the …

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