A report from the European Bank for Reconstruction and Development (EBRD) on Sunday recounts how their support of the Bank of Georgia has helped them become one of the largest banks in the country.
The bank was originally founded in 1903 and was re-privatized in 1994 after the Soviet Union dissipated. A year later, the bank began its work with the EBRD. Their support to the bank was crucial in this transition period, Deputy CEO of Finance Murtaz Kikoria stated.
“What the EBRD also brought to the whole sector, not just to Bank of Georgia, was technical assistance and support in establishing the very notions of corporate governance structures and risk management,” Kikoria said.
The EBRD and other international financial institutions also played a role in recovery efforts after conflict and global economic crises affected the country.
The Bank of Georgia had put in place a new management team in 2004 and 2005, as former EBRD employees took the helm of the bank -- CEO Irakli Gilauri and Kikoria were among them. With EBRD support, the bank has been able to invest in domestic markets.
"There is enough business in Georgia," Kikoria said. “We invest in healthcare and insurance, and we know investment is needed in sectors like tourism, energy, transport and logistics."