||This article appears to be written like an advertisement. (August 2013)|
|Type||Joint Stock Company|
|Industry||Banking, Financial services|
|Area served||Georgia, Israel, Azerbaijan|
|Key people||Mamuka Khazaradze
|Products||Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, wealth management|
|Operating income||US$ 197 million|
|Net income||US$ 59 million|
|Total assets||US$ 2,354 million|
|Total equity||US$ 365 million|
|Divisions||Corporate Banking, Retail Banking, SME Banking, Micro Banking|
|Subsidiaries||Bank Constanta, TBC Kredit, TBC Leasing, TBC Invest, TBC Broker, Real Estate Management Fund, TBC Pay, UFC, BSSC|
TBC Bank is a leading Georgian universal bank headquartered in Tbilisi, Georgia. It provides services to over 700,000 customers in its four business segments: corporate, retail, SME and micro. It is the second largest bank in the country by assets and the market leader in the retail segment.
The bank together with its subsidiaries employs over 4,000 people and operates mainly in Georgia. While having established an expanding network within the region through its subsidiaries, TBC Kredit in Azerbaijan, TBC Invest in Israel and Bank "Constanta" in Georgia with an aggregate of 110 branches, 274 ATMs and 2,882 POS terminals as of 2012.
The Bank’s shareholders include International Finance Corporation (IFC), Deutsche Investitions Entwicklungsgesellschaft mbH (DEG), the European Bank for Reconstruction and Development (EBRD) and Nerlandese Financierings-Maatschappi Voor Ontwikkelingsladen N.V. (FMO), with a combined share capital of 57%. Other international institutional investors, such as J.P. Morgan Chase Bank, N.A., London Branch ("JPMorgan") and Ashmore Cayman SPC No. 2 Ltd. ("Ashmore"), in aggregate hold 10% of the Bank’s shares. The two founding shareholders jointly hold 26% of the bank’s share capital, while the remaining 7% is owned by minority shareholders.
TBC Bank is rated by Fitch Rating Agency and Moody’s Investor Services. Current ratings are BB- (Long Term IDR)/ B (Short Term IDR) rating assigned by Fitch and B1 (FC)/ Ba3 (LC) assigned by Moody’s. The most recent upgrades took place in 2012 and 2011. In June 2012, Fitch upgraded TBC Bank’s Long-term Issuer Default Rating (IDR), to ‘BB-’ from ‘B+’, with a Stable Outlook. At the same time, the agency has upgraded the bank’s Viability Rating (VR) to ‘BB-’ from ‘B+’. Earlier in 2011, Moody’s also upgraded the Bank Deposit Foreign Currency Rating from B3 to B1 and Bank Financial Strength Rating from E + to D-.
The name, TBC Bank, traces its root to its original name, Tbilisi Business Centre, dating back to 1992. Currently, TBC is registered as the official name of the bank, not just an abbreviation of the original name.
- 1 Financial Data/Highlights
- 2 History
- 3 Operations
- 4 Corporate Governance
- 5 Social Responsibility
- 6 Marketing Campaigns
- 7 Key People
- 8 Awards and Recognition
- 9 References
Audited IFRS Consolidated Figures in US Dollars (Millions)
|Balance Sheet Highlights|
** Includes minority interest
Building a Basis for Success
||This article appears to be written like an advertisement. (August 2013)|
The history of TBC Bank dates back to 1992 when two Georgian businessmen Mamuka Khazaradze and Badri Japaridze, along with other Georgian partners founded the bank, Tbilisi Business Centre, abbreviated as TBC. They established the bank with an initial capital of $500, which was the amount required to establish the bank in Georgia in the early 1990s. The bank was licensed by the NBG (General banking license No. 85) on January 20, 1993 and was granted another license to conduct international transactions in May 1993.
The founders established the bank through their own company Tbilisi Business Center, incorporating several retail businesses. The need for a trustworthy and reliable bank to support the sustainable development of these businesses was obvious.
Although over 400 banks were operating in the Georgian banking sector, because of the considerably low capital requirement for their establishment, the trust toward them was significantly low. The primary reason for that was the post soviet period, followed by a civil war environment in the country, which in turn caused a heavy economic and political crisis. Hence, in order to safely conduct international transactions for their own businesses and boost Georgia’s economy by supporting other businesses, the founders made the decision to establish the bank.
The owners of the bank, Mr. Khazaradze and Mr. Japaridze managed to differentiate the bank from the time of its inception, firstly, with the staff, consisting of innovative and dedicated young management with an average age of 27. The target customer group for the bank was retail businesses and young businessman. The dedication of the bank owners was reflected in the agreement between the shareholders to reinvest the profit for the upcoming 10 years and concentrate purely on the bank’s expansion and development.
In 1995 the bank was operating with one branch and 29 employees, its total assets amounting to $1.4 million. Vakhtang Butskhrikidze, who joined the bank in 1993 was appointed to the position of Chief Executive Officer (CEO) of TBC in 1995, and has remained in that position since his appointment.
TBC Bank was initially focused entirely on the corporate segment with an emphasis on financing small and medium enterprises (SME). TBC Bank’s openness to receiving the knowledge and expertise from foreign institutions as well as its noticeably strengthening position on the market, resulted in new interest from International Financial Institutions (IFIs) like IFC, EBRD and DEG, which were actively involved in financing the Caucasus region in the mid 90’s. Consequently, the IFIs are assisting the bank with tits extensive technical assistance programs such as SME lending, risk management, finance and accounting, HR and strategic planning. Along with its support of TC projects since 1996, they also provide credit lines for financing corporate and SME segments, subordinated loans, housing and other facilities.
In 1998 TBC Bank moved into export/import financing operations in an effort to support trade in Georgia. The European Bank for Reconstruction and Development (EBRD) was the first financial institution to enter into an agreement to join the “Letter of Credit Support Project.” Since then, TBC has worked on trade finance transactions with various international financial institutions and commercial banks, and has raised TF facilities from BSTDB, ADB and IFC.
In May 2000, to further their interests IFC and DEG acquired equity interest in the bank, each having a 10% share that represented the first footprint of International Financial Institutions in the bank’s shareholding structure.
In 2002, the bank’s sustainable development was reflected in its outstanding performance when it surpassed all of its competitors and became the largest bank in the country by assets, deposits and loan book portfolio.
In January 2004, the Bank’s subsidiary, TBC Leasing began operations.
In 2005, TBC Bank’s new head office in Tbilisi was opened in a historical building that was listed among the city’s architectural monuments. Since then, TBC Bank’s head office has hosted numerous business, cultural and musical events.
Retail Segment Development
TBC Bank’s path to success in retail banking started in 2006. While keeping the focus mainly on small and medium enterprises and the corporate segment at large, TBC Bank started developing more sophisticated products and services for the Georgian retail segment and initiated a new approach to this segment two years later in 2007. The project was implemented with the support of a marketing company, BBDO and a consulting firm, SENTEO. The project encompassed: brand positioning for retail customers, designing a new branch ambience, product packaging, restructuring product portfolios, optimising the operating model and process infrastructure and developing a sales and service oriented staff culture.
In December 2007, in the scope of its retail expansion strategy TBC Bank offered its customers 23 additional branches, 3 service centers designed in accordance with international standards and 80 ATMs across Georgia. The project paved the way for the bank’s sustainable leadership in the Georgian retail segment since 2006.
Geographical Expansion within Caucasus Region
In the late autumn of 2007, TBC Bank acquired 75.0% of the equity interest in TBC Kredit, formerly known as SOA Kredit, a non-banking credit organization operating in the financial services market in Azerbaijan since 1999. This was TBC Bank’s first business venture beyond the country’s borders, and is currently the only foreign bank permitted to lend to customers in Azerbaijan.
Strong Relationship Building with IFIs
In 2009, the EBRD, FMO, JP Morgan and Ashmore also became shareholders of the Bank. Through this complex, multi party transaction, the Bank raised $170 million U.S. dollars (USD) out of which $40.0 million USD and $44.0 million USD comprised Tier 1 and Tier 2 capital respectively. The percentage of Bank shares held by existing Georgian shareholders decreased from 78.5% to 35.0% as a result of the partial sale of their shareholding in the process.
With four IFIs now in the bank’s shareholding structure, support for growth and sophistication of corporate governance has increased. Each IFI obtained a right to nominate a representative on the Supervisory Board. This increased the transparency of the bank’s corporate governance as 4 out of 7 members of the Board were nominated by EBRD, IFC, DEG and FMO. The IFIs continue to provide support through numerous technical assistant projects and expertise sharing.
Moving into the Micro Segment and Expanding to Israel
TBC Bank’s entrance into the microfinance segment was first initiated in 2007 with the acquisition of TBC Kredit in Azerbaijan, a company that focuses on the development of small and medium size businesses and the advancement of banking practices for lower and middle income individuals in Azerbaijan. This strategy was followed by venturing into the micro segment through the newly acquired subsidiary Bank Constanta, concentrating purely on the micro segment in Georgia. The acquisition was finalised in May 2011, enabling TBC Bank to penetrate rural areas of the Georgian market through 25 additional branches of its subsidiary.
The acquisition of Bank Constanta was a strategic move of the bank as it entered the lucrative micro segment with attractive spreads and high profit potential.
TBC Bank is the second largest bank in Georgia in terms of its corporate loan book, deposit portfolios and number of clients. Within the segment, it serves over 1,471 clients, with a total of 4,646 corporate deposit accounts and 725 loans outstanding. The bank provides tailored financial solutions across all key corporate business sectors, with its clients grouped into 21 industry sectors. The Bank has a particularly strong corporate banking presence in the services, real estate, oil and gas, telecommunications and energy sectors. Although serving a number of industries, it mainly distinguishes itself with energy, consumer products and services, oil and gas, food and drinks and construction industries. Corporate banking also encompasses remote banking services, including Internet Banking, Bank-Client and call centre.
The bank’s corporate banking operations include lending, accounts and term deposits, foreign exchange operations, trade finance and escrow services. Brokerage and leasing services are also offered through the bank’s subsidiaries TBC Broker and TBC Leasing, respectively. Historically, the Group has had a strong corporate banking franchise, based on its well-developed relationship with many leading Georgian corporations and its strong deposit base. The Group offers its corporate banking services and products from its head office in Tbilisi and its major branches, as well as through internet banking and its call centre in Tbilisi. Currently, 63% of the Bank’s corporate banking transactions are performed through e-channels.
According to data published by the NBG, as of December 31, 2012, the Bank is the second largest bank in Georgia in terms of corporate loans and deposits (including SMEs) held by Georgian banks with a market share, of 29% and 28% of corporate loans and deposits, respectively.
The Group offers a range of other products and services to its corporate clients, including the following:
- Foreign currency exchange services and derivatives
- Wire transfers
- Business credit cards
- Payroll services
- Trade finance
- Cash collection and shipment
- Direct debit
TBC Bank is a frontrunner in the Georgian retail banking sector. It has maintained its lead position in the retail deposit market for over five years with 35.2% of the market share as of December 31, 2012, TBC Bank has a wide presence across the country with 105 branches (including 47 branches of Bank Constanta), 274 ATMs (including 40 owned by Bank Constanta) and 2,882 POS terminals.
The bank serves over 800,000 retail customers, including VIP clients, Status Clients (personal banking) and other middle and high income individuals. Retail customers are offered various multichannel capabilities, including internet banking, SMS banking, TBC Pays (cash-in terminals) and call centre..
The bank has developed a diversified retail banking product mix, including the provision of traditional and innovative services designed to address the needs of its customers. The Group offers a full range of products through its branch network and range of e-channels. Management believes that it has a strong brand and reputation with its customers, resulting from its standards of service, the design of its branches and its qualified and well-trained staff.
The Group also offers a variety of other products and services to its retail clients, including the following:
- VIP Services
- TBC Status
- Debit cards
- Credit cards
- TBC Prime Card
- TBC Card
- Instalment Card
- Direct Debit and Standing Order
- Foreign currency
- Money transfers
In the SME Banking sector, TBC Bank provides financial solutions and a broad range of products in most Georgian regions. Serving up to 33,000 customers and 50,000 accounts, it provides expertise in Consumer Product and Services, Food and Drinks, Real Estate, Health care, Construction and other major industries. In 2012, TBC Bank achieved a loan portfolio growth of 24.7% and a deposit portfolio growth of 42.8%.
The Group focuses on providing effective financial solutions to SME customers through its diversified product range, and developing new products and services for its SME customers. Management considers that the SME segment is core to the country’s economic development with a high level of growth potential.
Although the NBG does not produce market data comparisons for the SME segment, Management believes that the Group is one of the leading participants in the SME segment by reference to its loan portfolio and deposits, as well as the number of its clients. As of December 31, 2012, the Bank had approximately 33,000 SME clients, 56,000 SME customer accounts and 2,400 loans outstanding to SME clients.
The Group’s SME business has a strong presence in various industries, including the services, real estate, construction, food and consumer goods and automobile trading industries.
The Group also offers a variety of other products and services to its SME clients, including the following:
- FX Operations
- Wire transfers
- Business cards
- Payroll services
- Trade finance
- Cash collection
- Money transfers
- Direct debit
After acquiring Bank Constanta, a Georgian microfinance institution (MFI) focused purely on the Georgian micro segment, in May 2011, TBC Bank penetrated the sector with larger spreads and profitability potential.
Bank Constanta’s countrywide network of47 branches and steadily growing client base with approximately 219,000 accounts conditioned its loan portfolio growth of 71.8% in 2012.
With the completion of the acquisition of Bank Constanta in May 2011, the Group significantly expanded its micro-finance operations. Bank Constanta is well established in the micro-finance market, with 22 branches across the country and a growing client base. These branches are spread over rural areas where other banks do not have a significant presence. The Group’s micro-finance segment currently accounts for 5.8% of the Group’s total loans and advances to customers and 0.1% of total deposits (customer accounts) as of December 31, 2012. Management believes that the micro-finance market has significant growth potential and, accordingly, micro-finance will, in time, grow into one of the main business segments of the Group.
With approximately 219,000 customer accounts and 57,000 loans outstanding to micro-finance clients, as of December 31, 2012, Management believes that Bank Constanta is the fourth largest micro-finance bank in Georgia with a 10.1% market share in the micro-finance loan segment, according to the Group’s internal data.
Bank Constanta continues to trade under its own name and uses its own branding, although the Group intends, from 2013, to integrate Bank Constanta’s services and products with those offered by the Bank and is also examining potential cost savings and other synergies between the businesses.
The following table sets out the breakdown of the Group’s micro-finance lending by product, as of June 30, 2011.
The Group also offers a variety of other products and services to its micro-finance clients, including:
- Mini loans
- Business loans
- Agricultural loans
- Seasonal loan
- FX operations
- Money transfers
- Direct debit
- Cash delivery services
Please refer to “Business segments” – “Micro Banking”.
TBC Bank established JSC TBC Leasing, headquartered in Tbilisi, Georgia, in January 2004 with total assets of GEL 0.5 million. The Bank currently owns an 89.5% equity interest in TBC Leasing with the remainder being held by the EBRD. Through TBC Leasing, the Group offers different types of leasing options as follows:
- Finance leasing: TBC Leasing purchases a specified asset such as machinery or equipment from a third party and leases it to the customer. After full rent repayment, ownership of the asset is transferred to the customer. Finance lease terms generally range from 26 to 60 months.
- Leaseback: TBC Leasing purchases a specified asset from the customer and then leases the asset back to the customer. The customer continues to use the asset and after full rent repayment, ownership of the asset is transferred back to customer. Leaseback terms generally range from 26 to 60 months.
In most cases both types of leasing arrangements are entered into with customers in the agriculture, telecommunication, construction, real estate and transportation sectors. At the end of 2012, TBC leasing accounted for 54% of the total leasing market share.
As part of the TBC Bank’s expansion strategy in the Caucasus region, TBC Bank acquired a 75.0% equity interest in TBC Kredit in late 2007. The company was formerly known as SOA Kredit, a non-banking credit organization operating in the Micro and SME (MSME) financial services market in Azerbaijan since 1999.
TBC Kredit has extensive experience in dealing with MSME finance, as well as consumer loans and mortgage loans. It has become one of the key MSME lenders in Azerbaijan with a total loan portfolio of 36.6 million USD as of December 31, 2012. In 2012, micro and SME lending accounted for 47.3% of TBC Kredit’s loan portfolio, while consumer and mortgage loans accounted for 33.3% and 19.4% respectively.
Established in the beginning of 2011, TBC Invest is a wholly owned subsidiary of JSC TBC Bank. It operates in the Israeli market serving as an intermediary between Israeli clients and TBC Bank. Since its establishment, up to 358 customer accounts were opened that corresponds to TBC Banks objective of increasing non-resident customer deposits.
TBC Bank has wide presence across the country with 58 branches of TBC Bank and an additional 47 branches of its subsidiary Bank Constanta.
TBC Bank currently has branches that are in accordance with international best practices and modern standards. Most branches have 24 hour zones where customers can perform transactions 24/7 using cash-in terminals, ATMs and customized computers that provide access to internet banking.
The Bank initiated an extremely successful rebranding and branch redesign campaign in 2007 with all branches receiving a design make-over. TBC Bank contracted BBDO and SENTEO, marketing and consulting firms respectively, to advise on project planning and implementation. As a result of this new initiative, TBC implemented a branch design policy that is the first of its kind in the Georgian market. The bank is unique in its approach to rigorously control its company brand image that is well-reflected in each of its branches.
TBC Bank’s entire network has the same look and feel, functionality, design, and service. Each branch features a wide-window glass entrance and well-planned layout that creates a positive ambiance and ensures enhanced accessibility to the different banking products and services offered. Branches are equipped with money transfer and transaction zones, remote and internet banking tools, sales zones – such as fast sales, slow/comfortable sales, and Status Bank rooms for private banking and important clients.
The branch redesign campaign contributed much to the Bank’s performance results, attesting to the success of this project. Since the launch of the project, loans and deposits have increased dramatically. In 2007, Customer Deposits grew by 41.2% from GEL 552 million to GEL 780 million, while Net Loans rose by 91.9% from GEL 590 million to GEL 1,128 million.
TBC Bank’s corporate governing bodies are the General Meeting of Shareholders, the Supervisory Board and the Management Board. Each body’s authority and responsibilities are exercised in accordance with the Georgian law and the Bank’s Charter. During the General Meeting of Shareholders, shareholders elect members of the Supervisory Board (each IFI shareholder nominates its own candidate), which then supervises and appoints members of the Management Board, an executive body responsible for all day to day operations.
The current members of TBC Bank’s Supervisory Board are:
||Year of appointment
|Mamuka Khazaradze.................||Chairman of the Supervisory Board||1992|
|Badri Japaridze.........................||Vice-Chairman of the Supervisory Board||1996|
|David Khazardze.......................||Member of the Supervisory Board||1998|
|Eric J. Rajendra........................||Member of the Supervisory Board (Nominated by IFC)||2010|
|Irina Schmidt............................||Member of the Supervisory Board (Nominated by DEG)||2012|
|Mike Hesketh...........................||Member of the Supervisory Board (Nominated by the EBRD)||2009|
|Emile Groot..............................||Member of the Supervisory Board (Nominated by FMO)||2009|
The current members of TBC Bank’s Supervisory Board are:
||Year of appointment
|Vakhtang Butskhrikidze..............||Chairman of the Management Board, Chief Executive Officer||1995|
|Paata Gadzadze........................||First Deputy Chief Executive Officer||1996|
|Giorgi Shagidze.........................||Deputy CEO, Chief Financial Officer||2010|
|Vano Baliashvili.........................||Deputy CEO, Chief Operating Officer||2002|
|Tea Lortkipanidze.......................||Deputy CEO, Chief Risk Officer||2009|
|Mariam Meghvinetukhutsesi........||Deputy CEO, Head of Corporate Banking||2009|
|Nino Masurashvili.......................||Deputy CEO, Head of Retail & SME Banking||2006|
TBC Bank’s shareholders include prominent international financial institutions which represent the Bank’s majority shareholders.
|Two Founding Shareholders||25.95%|
|European Bank for Reconstruction and Development (EBRD)||20.19%|
|International Financial Corporation (IFC)||20.19%|
|Deutsche Investitions-und Entwicklungsgesellschaft (DEG)||11.54%|
|Netherlands Development Finance Company (FMO)||5.37%|
|Management and others||7.41%|
Since its establishment, TBC Bank is dedicated to contributing to the overall well-being of people throughout Georgia. TBC Bank initiates and finances a broad range of cultural and social projects.
As part of the Bank’s social responsibility projects, TBC Bank founded TBC Fund to help victims of the 2008 war in Georgia. The Bank established TBC Fund with GEL 5 million and, shortly after, raised an additional GEL 3 million for its programs. Currently, TBC fund is a large-scale social project implemented by the Georgian private sector. It mainly aims at improving healthcare for the refugee population and providing opportunities for the young generations of IDPs (Internally Displaced Persons).
In terms of social responsibility, the bank’s goals are to help preserve Georgian history, promote national values, create opportunities in arts and culture, and foster a brighter future for Georgian refugees. The Bank is dedicated to bringing about change that will benefit society in the long term as well as the short term. During 2011, TBC Bank spent a total of GEL 1.0 million on the following projects:
- Restoring historical and architectural monuments;
- Assisting in the development of tourism in mountainous regions of Georgia;
- Promoting arts and culture;
- Supporting Georgian refugees (TBC Fund).
TBC Bank also co-founded the annual literature award, SABA, aimed at rewarding the best literature works of the year since 2003. The annual award ceremony represents one of the major literature-dedicated events in the country. Detailed information available on the following link: Saba
In December 2012, TBC Bank will celebrate its 20th anniversary. In celebration of its anniversary, TBC Bank initiated an exceptional art-related project, 20/12. It is the most innovative project ever implemented in Georgia, as part of which special internet television was launched. It is dedicated to developing art in the country, by helping young artists to express themselves through posting of videos and articles about their own creative work. Additionally, the 20/12 project gives exceptional opportunities to young producers to write their own scripts and make movies with prominent Georgian movie producers. Detailed information available on the following link: ARTAREA
TBC Bank distinguished itself with its marketing capabilities in a way that makes its product positioning more effective. The bank deploys marketing and communications capabilities that can drive results in fast paced, hyper- competitive markets. In the first quarter of 2011, TBC bank launched an innovative deposit campaign that generated extensive public interest. As a result, the number of TBC bank’s depositors increased by 30% and total deposits increased by $26 million. The idea was as follows: people were competing in a scavenger hunt to find $10,000 hidden somewhere in the capital city, Tbilisi. The first one to decipher the clues scattered across the city and to locate the hidden cash, won the prize.
The campaign won a bronze medal for the Best Integrated Advertising Campaign at the Kiev International Advertising Festival. It was also submitted to Cannes Lion Festival and received very positive feedback.
The award-winning advertising video is available at the following link: Advertising video
Another series of the deposit campaign was launched in February 2012 and will continue until the end of the year. Within the frames of this campaign, every person, who opens a deposit account over GEL 500, will receive an additional 1% interest rate and those who win the special competition will get an additional +1% interest rate.
TBC Bank is headed by Mamuka Khazaradze, the Chairman of the Supervisory Board, who co-founded the Bank in 1992 with his business partner, Badri Japaridze, and has since remained in his current position. Mamuka Khazaradze is also the founder of IDS Borjomi Georgia, Borjomi Beverages Co. N.V., where he held the position of President until 2004. Between 1999 and 2002, he acted as the Vice-Chairman of the Supervisory Board of Microfinance Bank of Georgia. In 2004, Mr. Khazaradze also founded the Georgian Reconstruction and Development Company of which he is still the President.
Badri Japaridze, one of the co-founders of the bank, is the Vice-Chairman of the Supervisory Board. Mr. Japaridze graduated from the faculty of psychology of Tbilisi State University in 1982 (where he also acted as a lecturer between 1985 and 1995) and completed his executive course at London School of Economics and Political Sciences. In 1992, he was appointed as Head of the Foreign Relations Department at TBC-Group and was appointed as Vice-President of TBC in 1993. In 1995, Mr. Japaridze was elected to the Supervisory Board of the bank and has held the position of Vice Chairman of the Supervisory Board since 1996. Since 2004, he has also acted as a member of the Supervisory Boards of the American Chamber of Commerce in Georgia and the Georgian Reconstruction and Development Company and was elected to the Supervisory Board of the EU-Georgian Business Council in 2006.
Reporting directly to the Chairman of the Supervisory Board is Vakhtang Butskhrikidze, who is responsible for all day to day operations. Vakhtang Butskhrikidze joined the Bank as a Senior Manager of the Credit Department in 1993 and was elected as Deputy Chairman of the Management Board in 1994. He became the Chairman of the Management Board in 1995. Since 1998, he has headed a number of the bank’s committees. Mr. Butskhrikidze is also a member of the Supervisory Board of the Association of Banks of Georgia and the Georgian Stock Exchange and is the Business Association of Georgia Financial Committee Chairman.
Awards and Recognition
EMEA Finance Europe Banking Awards
|Best Foreign Exchange Provider in Georgia 2013
Best Bank in Georgia 2013
Best Bank in Georgia 2012
|Best Bank 2012
Best Consumer Internet Bank in Georgia 2012
Best Integrated Consumer Bank Site in Central and Eastern Europe 2012
Best Bank in Georgia 2011
Best Bank in Georgia 2012
|Best Bank in Georgia 2011
Bank of the Year 2011
2011 EUR STP Excellence Award
2011 USD STP Excellence Award
Certificate for Quality
|Bank of the Year 2010
2010 USD STP Excellence Award
Trade Finance Award
|2009 USD STP Excellence Award
Most Active Issuing Bank in Georgia
|Deutsche Bank||2008 USD STP Excellence Award|
|Best Bank 2007
2007 USD STP Excellence Award
International Gold Star for Quality Awards
|Best Bank 2006
2006 USD STP Excellence Award
|Bank of the Year 2005
Best Bank 2005
|The Banker||Bank of the Year 2004|
|The Banker||Bank of the Year 2003|
|The Banker||Bank of the Year 2002|
||Certified Management System