The FINANCIAL — In January 2009, GEL 24,672,219 worth of deposits were opened in Bank of Georgia. One of the most popular deposits in BOG since September 2008 has been the Green Deposit. Since the creation of the product, at Bank of Georgia GEL 92,259,454 worth of green deposits have been opened.
“In 2008, 1,500 green deposits have been opened, we plan to have opened 30,000 green deposit in 2009,” Ramaz Kukuladze, Deputy General Director, Commercial Banking of Bank of Georgia, told The FINANCIAL.”
According to Bank of Georgia, green deposits were created for the purpose of restoring the forests that were burnt and destroyed during the Georgian Russian conflict. For every GEL 500 worth Term or Child deposit that is opened, Bank of Georgia promises to plant trees in Borjomi-Kharagauli Park.
Each newly planted tree is numerated. Every tree gets the name of its owner. The depositor is given a special number and a certificate after planting a tree.
“In Daba Tsagveri on a 30,000 sq. meter area, 15,000 different kinds of tree saplings have been planted. On planting and looking after the saplings the Bank has assinged GEL 180,000,” officials of Bank of Georgia declare.
“Bank of Georgia offers its customers a new electric map, according to which depositors may see the precise location of their own planted trees,” Kukuladze says
A special web site for the electric map is available at Greendeposit.ge. The map describes the cultivation of forest territory in plural limits of the green deposit. To use the map, the depositor has to indicate the number of their certificate, received while opening the green deposit. The signed tree of the depositor will appear automatically on the electric map.
While Bank of Georgia represents the new electric map, at the same time it is opening a third corporate service centre on 70 Kostava Str. Tbilisi, Georgia.
“In the new service centre, the Bank’s corporate clients will be served. Customers can easily and quickly get the needed banking service. Large, small and medium business representatives will be able to be served in this new service centre which satisfies the requirements of international standards,” Ramaz Kukuladze declares.
Bank of Georgia is one of the leading Georgian universal banks, providing a full range of commercial and investment banking, asset and wealth management, insurance, leasing and card processing services to its corporate and retail clients. The largest retail bank in the country with an approximately 33% market share by total assets, Bank of Georgia serves over 904,000 retail clients through its network of 140 branches and 386 ATMs (the largest ATM footprint in Georgia), as well as through other delivery channels including the internet, mobile banking and a state-of-the-art call centre.
Bank of Georgia is acquiring 70% equity interest in Belarusky Narodny Bank (BNB) in Belarus; is launching an integrated internet and mobile banking platform; becoming a partner of American Express for credit card acquiring and issuing in Georgia; raising USD 100 million through the sale of four million shares in the form of GDRs; raised approximately USD 440 million in debt funding in 2008, including approximately USD 26 million in GEL-denominated short-term promissory notes, a USD 30 million subordinated loan from Dutch and German development banks FMO and DEG, USD140 million two-year Loan Pass-through Notes (Bloomberg: BKGORG) arranged by JPMorgan.
The European Bank for Reconstruction and Development (EBRD) and International Finance Corporation, part of the World Bank Group, announced a USD 200 million joint loan for Bank of Georgia, one of Georgia’s largest commercial banks.
Bank of Georgia received a USD 39 million financing package from the United State Overseas Private Investment Corporation (OPIC). The package is comprised of a USD 29 million 10-year senior mortgage facility and a USD 10 million 10-year subordinated loan facility.
Bank of Georgia signed an agreement with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) providing loan facilities to the Bank in an aggregate amount of USD 200 million comprised of a separate USD 100 million financing package on substantially the same terms from each of IFC and EBRD.
Written By Tako Khelaia