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New Foreign Banks to Appear on Georgian Market


Roman Gotsiridze, president of National Bank of Georgia (NBG), declared, while opening the first international forum “Invest in Georgian Banking”, that concrete results are expected in 2-3 months period after such events. In particular, two large foreign banks are expected to appear on Georgian market, he said, refrained however to specify details.

According to some data, the matter concerns to Kazakh Peoples Bank and British HSBC branches opening in Georgia.

As Gotsiridze says, appearance of new foreign banks will lead to competition growth, which will support credit cheapening. No one Georgian bank will remain without foreign investors in the future, he noted and added that consolidation tendency will continue on local market.

Gotsiridze repeated once again that investment in banking sector will make up $700 million in the current year.

According to Economic Development Ministry, banking sector growth made up 45% on average for the last 2 years. Assets have increased by 300% for the last 3 years and foreign investment share in banks capital made up 58% in 2006.

Forum “Invest in Georgian Banking” hosted 15 foreign banks, mainly from German, Kazakhstan and Turkey. Participants will hold presentations today, while tour in Kakheti region is planned on June 2 by Badagoni wine company invitation.

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