The FINANCIAL — According to Gilbert Hie, Director General of Bank Republic, the Bank will continue its strategy to expand its network in the future. Hie says that BR is going to open one of its new branches in Kutaisi and another one on Tamar Mepe Avenue in Tbilisi. “BR will also be offering new products in 2010,” the Bank’s CEO says.
“This month we added a new branch on Freedom Square in Tbilisi. We wanted to have a kind of Parisian style branch. I think it has been a real success to have a branch of Bank Republic in such a prestigious, historic building in Tbilisi,” Hie says. This historic building was fully reconstructed by Redix, one of the leading developing companies in Georgia associated with BR.
“We hope that this year activity in the banking sector will increase. We want Bank Republic to contribute positively to this process. We want to increase the market share of Societe Generale as a long-term player in the country,” Hie says.
This is the 48th branch of BR. The official opening ceremony was attended by the top management of Bank Republic, plus new and existing customers. According to Hie, the opening was a positive sign of the revival of banking activities in 2010.
“2009 was not an easy year, as a result of the economic downturn. However the Bank still managed to end the year with profit,” says Irakli Aslanishvili, Commercial Director and Member of the Board of Bank Republic.
“It was not a very large amount but it’s very good that we ended the year with profit. In 2009 we managed to increase the market share in deposits and loans. All in all I would say that there have been positive changes in 2009 taking in to consideration the previous year, 2008,” says Aslanishvili.
“In 2010 our plans will be the same and we plan to open one branch per month in Tbilisi and in other regions of Georgia. Mostly we will be focused on loans. We have decreased interest rates, and the priority will now be the development of the deposit market,” Aslanishvili says.
“We plan to have new products ready for the spring to satisfy the demand for new products that annually appears during this period. Development of a universal banking service, increasing the market share and being maximally close to clients will remain our main strategic directions for the future,” Aslanishvili told The FINANCIAL.
“We are constantly working to improve our service quality. We really dedicated 2009 to quality improvement. When the economic crisis and its effects come to an end and there are more possibilities to increase activities in Georgia, Bank Republic will be one of the major players in this field,” Gilbert Hie says.
“We’ll continue to expand the network so as to be closer to the customer,” Hie says.
Bank Republic, Societe Generale Group is one of the most successful financial institutions. The Bank is in one of the lead positions in the corporate and retail banking market of the country.
Total Income of Bank Republic as of 30 Jun, 2009, consisted of 57,476 thousand GEL. Total Assets – 756,867, Return On Average Total Equity (ROE) (4,02).
Total Assets as of 30 September, 2009, consisted of 747,412,597.084 GEL.
Total Interest income: 67,498,629.4063 GEL.
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