The FINANCIAL -- Starting from September 1, 2009, ProCredit Bank Georgia has lowered its interest rates on business loans in US dollars and Euro, by 2% on average.
In addition, other lending conditions have been simplified to make the loan products more accessible for the bank’s loan customers. “It is expected that during the last four months of the year, the economic activity will pick up”, bank said.
At the same time, the bank has lowered its interest rates on term deposits in US dollars and Euro, while keeping the rates in Georgian Lari unchanged. The rates have been lowered by 1% in US dollars and 2% in Euro.
The change in the interest rates and lending conditions on the one hand and the interest rates on term deposits on the other hand follows the stabilization in the economic environment, which the bank currently observes.
Also, the bank is experiencing a strong and continuous inflow of local deposits which is a clear sign of the country’s economic recovery.
As before, ProCredit Bank will remain focused on lending to very small, small and medium-sized businesses, as it is convinced that these businesses create the largest number of jobs and make a vital contribution to the economic growth in Georgia. At the same time, the bank will stay a reliable partner for private households that make use of the variety of banking services it offers to the population in Georgia.
“Our financial standing and long-term strategy in Georgia allow us to reduce the interest rates on business loans and deposits starting from September. These changes express the confidence we have in the growth potential of Georgian enterprises as well as the economic performance and sustainable development of the country in general. We hope that this change will make our loan products more accessible for all entrepreneurs in Georgia who choose to invest in the future development of their businesses”, Philipp Pott, General Director of ProCredit Bank.
ProCredit Bank is one of the leading banks in Georgia, focused on lending to very small, small and medium-sized enterprises and offering a full scale of banking services to private individuals and legal entities. The bank was established in 1999 and as of today comprises 58 branches throughout the country.
The bank is a member of the international ProCredit group, operating in 11 countries in Eastern Europe, 7 countries in Latin America and 4 countries in Africa. ProCredit group is governed by ProCredit Holding AG located in Frankfurt, Germany.
ProCredit Bank has a BB- rating from the international agency Fitch ratings , which is the best and highest possible rating in Georgia.
As of the end of the second quarter of 2009, ProCredit Bank's assets totalled to USD 397 million.
Currently around 280,000 clients enjoy the services of ProCredit Bank Georgia.
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