Roman Gotsiridze, president of the National Bank of Georgia, met with the management of the United Georgian Bank on May 16. Roman Gotsiridze familiarized the UGB management with the new NBG initiatives, serving the aim of cheaper credit resources and increase of interest in these resources. From May 10, 2005, the interest rates on inter-bank credit resources and deposit auctions were reduced significantly, and at the TIFEX, the commission fee was reduced 5 times. The NBG policy will be transparent, President Gotsiridze said. The steps and initiatives towards the further development of the banking system will be welcomed by the National Bank. “I will always be a protector of the banking system, which, by our efforts, will develop further”, President Gotsiridze said. Zaza Sioridze, chairman of the Supervisory Council of the United Georgian Bank spoke about the harmonization of the UGB and Russian Vneshtorgbank structures, and modification of management.On January 18, 2005, the agreement was made between the Russian Vneshtorgbank and the UGB on the purchase of the controlling interest of the UGB (50%+1share) by Vneshtorgbank. On the same day, a new head office of UGB was opened in the Chanturia Street.