The FINANCIAL — Bank Republic has launched a new and interesting product to offer to its loyal clients – the “More” deposit. This deposit allows clients to dispose their savings flexibly, in relevance to their goals – to open a deposit for a term of 3, 6 or 12 months, extend the maturity date several times and get more yield each time they do so.
“Our bank constantly strives to provide depositors with free choice and diverse alternatives of saving their money,” said Ramaz Kukuladze, Chief Commercial Officer of Bank Republic. The More deposit allows them to decide and pre-determine the term of the deposit they wish to open as well as the level of yield they seek to earn after extending the maturity. Thus, they will be able to easily achieve their short- and relatively long-term goals, enjoying the high yield.”
“In addition to fast, simple and accessible credit facilities, the Bank also prides itself on a variety of savings products,” he added.
The More deposit is very convenient because it combines high yields and flexibility, giving clients the choice at the end of the period to renew the deposit or not. At the same time they have the chance to earn more yield or to withdraw the increased sum. The choice of starting with shorter maturities and prolonging avoids situations where a client signs up for a longer maturity deposit and is penalized because she/he suddenly needs to withdraw at some point before the maturity date. The More deposit can be opened in GEL, USD and EUR, with a minimum starting amount of 100 currency units.
“Our clients can open a 3-, 6- or 12-month ‘More’ deposit, prolong its term several times and get more and more benefit each time it is extended,” Ramaz Kukuladze explained. “The annual base rate is the same as the term deposit interest rate. The additional annual interest rate for each prolongation of the deposit term for a 3 month deposit will be 0.25 percent per prolonged period, a 6 month deposit plus 0.50 percent per prolonged period and 12 month deposit plus 0.70 percent per prolonged period.
The deposit may be prolonged for the same period it was originally opened for. In the case of a 3-month deposit, you can prolong its term 7 times, in the case of a 6-month deposit – 3 times, while in case of a 12-month deposit – once.
The new deposit will be available at all branches of Bank Republic. Clients have the chance to get information on the webpage www.br.ge. At the same time, bank staff will explain the conditions of the deposit, demonstrate the benefits by showing examples and do relevant calculations for any interested persons.
As well as the More deposit Bank Republic has eight other types of deposits available to its clients.
Bank Republic, a member of Société Générale Group since 2006, is one of the most successful banking institutions in Georgia. Established in 1991, the Bank enjoys a leading position in the retail and corporate market.
The Bank employs more than 1,000 staff, serving its clients via 38 branches and service centres. According to the Bank’s representatives, for BR the new acquisition is part of their 2011 strategy, which is to become the most powerful bank on the local market.
Bank Republic purchased HSBC Georgia’s retail portfolio a short while ago. The value of the gross assets sold to BR was 4.5 million USD. This action has increased Bank Republic’s retail portfolio thus achieving 250 million GEL approximately.
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