Leading banks and banking system in Georgia

Eka Lomidze

Given the increased needs, Georgian banks introduce both new products and technologies. Having a quick look at system parameters, we will see that assets of commercial banks increased by 100 million GEL in 2003 at the expense of liabilities.

This figure is impressive in the conditions of Georgia. Leading banks become apparent in the bank sector. They strengthen their positions from different point of views.
TBC banks pays special attention to new products in the market. Two years ago the bank was the first to introduce different kinds of natural persons’ crediting, technological and deposit products. TBC bank also offers customers “Internet bank” service introduced in autumn 2002. Its special priority is development and introduction of technological bank products. As for products, demand for mortgage loans and technological bank loans has lately grown significantly. A customer will soon be offered some new technological products that are a novelty for western markets. The high quality service, efficiency, high image and international recognition can be considered the principal priority of the bank.
Procredit Bank intends to issue local plastic cards and later, international cards – “Visa” and “Master Card”. Banking system was established not so long ago. A recently formed new company is not designed for new technologies, but rather for the attraction of customers. We mean deposition in Procredit Bank. Procredit Bank is growth-oriented universal bank. It offers customers the best service and a wide range of bank products. Its activities are, mainly, aimed at financing small and mid-size enterprises as the latter provide most jobs. Procredit bank is not, certainly, the largest bank. Yet it has international experience. The bank introduced many novelties in the Georgian bank market. The bank is not remarkable for the introduction of high-technological products. Its priority is financing of small and mid-size business. This feature makes the bank a leader in the Georgian bank market.
Tbiluniversalbank purchased a new bank accounting programme. It has used Georgian products for eight years until present. Nowadays, it is its greatest project. We should mention that Tbiluniversal bank has received half a million dollar from the Euro Bank with the accompanying process being sale of 10% of shares to the Euro Bank. We should also note the opening of central branch. Its presentation as well as issue of credit cards will take place soon. Customers’ needs will grow with time. From this point of view, Tbiluniversal bank made certain progress. The products are collaterally improved in quality.