Roman Gotsiridze: “We Welcome Foreign Investments to the banking Market of Georgia”
02 February, 2006
President of the National Bank of Georgia met with the representatives of “Societe Generale”, the largest bank in France. French bankers are interested in the state and prospects of the development of Georgian banking market.
“We welcome any desire of making foreign investments in Georgia. I’m awfully delighted by the fact that “Societe Generale”, one of the largest financial institutions in Europe and beyond its boarders, showed its interest in Georgia’s banking market and its participants. Significant growth of foreign investment inflows into the domestic banking market is the main priority for the National Bank of Georgia, which has been reflected in a four-year development strategy of Georgian banking system”- declared the President of the National Bank of Georgia.
According to Roman Gorsiridze, for the purposes of attracting strategic investors to domestic banking market, National Bank of Georgia has already worked out the draft of legislative changes, which will substantially stimulate foreign investment inflows into Georgian banking sphere. “These amendments will come into force in the nearest month”- noted the President of the National Bank of Georgia.
At the end of the meeting the representatives of the French bank “Societe Generale” thanked the President of the National Bank of Georgia for providing the detailed information on the state of Georgian banking market.
“Societe Generale”, the French financial group was established on 4 May 1864, during the reign of Napoleon III. Today the Bank has 47 branches and 93 thousand employees in 80 countries throughout the world.
In 2004 total assets of “Societe Generale”, the French commercial bank constituted EUR 601.1 billion. The volume of loans issued to customers equaled EUR 198.9 billion, deposits - EUR 174.5 billion and the volume of equity capital – EUR 23 billion. The bank “Societe Generale” is among three largest banks of France.