The FINANCIAL — Bank Republic is rapidly expanding its operations in the direction of retail banking. On February 15, 2008, BR officially opened its new branch on Agmashenebeli Avenue 112.
The bank attracts clients’ attention with comfortable and high quality products and services including consumer loans: Espresso and Grand Espresso, mortgage loan – My Nook and others. So Bank Republic is focusing on the retail market not only with network expansion but comfortable banking products as well.
“Bank Republic plans to expand in to the retail market with new banking products and new branches,” Gilbert Hie, General Director of Bank Republic, declared to The FINANCIAL.
One of the strategies of Bank Republic for the year 2008 is to develop and extend its network and be closer to customers. Today, Bank Republic serves its clients with 75 ATMs and 36 outlets throughout Georgia.
“Bank Republic’s chief supremacy is that it is a fully integrated bank in the International Banking Group. It gives the bank the opportunity to offer its clients convenient banking products. In the previous year Bank Republic demonstrated its mortgage loan program to customers with very comparable conditions. These products are already approbated and experienced in Eastern and Central European countries and it has turned out to be a very competitive product in Georgia as well,” Gilbert Hie, General Director of Bank Republic said.
“Bank Republic is ready to offer lots of credits not only in retail banking but in corporate banking as well, conferred by the worldwide network. Today these are the cheapest prices on the market and Bank Republic is contributing to decreasing the interest rates for customers,” Gilbert Hie declared.
“It should also be mentioned that Bank Republic has good support on the international financial market, guaranteeing better terms and additional benefits to customers. Definitely the strong support of the big international group SG, combined with strong support of the International Financial Institutions (IFC, KFW, EBRD), prosecute a very important competitive edge for Bank Republic,” Gilbert Hie added.
“The Marjanishvili Branch is offering full services to its customers. The branch has been operating on the market for the past two months already. The branch intensively funds mortgage loans. As a member of Société Générale, the branch is offering banking services in line with European standards. 13 employees serve customers via the new branch,” Marekh Barnovi, Head of the Marjanishvili Branch of Bank Republic declared to The FINANCIAL.
“Bank Republic is providing a Universal Banking service and there is no difference among its branches. They are offering similar products, high quality services with the same visual identity. The bank’s target is to be represented in all the districts of Tbilisi and regions of Georgia. Today time is very valuable for customers and, for attracting their attention, banks must do everything to give them more comfort. A passive position in increasing branches will not be profitable for the bank, as the competition on the market is growing day by day,” Armen Matevosian said.
“As a minimum Bank Republic plans to open an additional 80 branches in the upcoming three years. Eleven branches will be opened throughout Georgia this year,” Matevosian added.
“Bank Republic does not operate in the utility payment sphere. All of the branches have this service but it is not free of charge. It is known that this sphere is already occupied by other Georgian Banks, for instance: People’s Bank functions in the social direction. Bank Republic’s segment is small, medium and large credits. Soon utility payments will be provided by credit cards,” Matevosian said.
Bank Republic is offering a mortgage loan MY NOOK for purchase, repair and construction of a house or any other real estate property.
Purchase and construction: Maximum loan amount – Unlimited; Minimum loan amount – USD 2 000; Annual interest rate – From 13%; Minimum duration – 6 months; Maximum duration – 25 years; Payment frequency – Monthly, quarterly or every 6 months. (according to revenues)
Repair: Maximum loan amount – Unlimited; Minimum loan amount – USD 2 000; Annual interest rate – From 14%; Minimum duration – 6 months; Maximum duration – 10 years; Payment frequency – Monthly, quarterly or every 6 months.
Espresso: Minimum loan amount – USD/ EUR 100, GEL 200, Maximum loan amount – USD/EUR 2 thousand, GEL – 3 500. Duration is from a month to a year, Payment frequency – Monthly, Annual interest rate – From 26 % national currency and 24 % for foreign currency. The necessary salary for getting an Espresso loan is GEL 200 and if a client’s income is GEL 1 500 or above, he (she) is eligible for Espresso Grand.
Founded in 1991, Bank Republic is one of the oldest privately owned banks in Georgia. The bank is ranked among the most reliable and dynamically developing financial institutions that combine a thorough knowledge of the specific characteristics of the Georgian market with the very highest Western standards.
On September 29, 2006, Société Générale, one of the leading financial services groups in the euro zone, and the European Bank for Reconstruction and Development acquired a 70% stake in Bank Republic in Georgia.
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