The FINANCIAL — Bank Republic is rapidly expanding its operations in retail banking direction. Dream Card, EURO 2008, and French Fun Club were presented by BR last week. New credit card with GEL 5000 limit has 55-day grace period with 0% interest, and can be used for any purpose.
To receive the Dream Card, it is enough to have monthly income of GEL 200. The Dream Card will be issued on the basis of ID card only.
“Bank Republic plans to expend retail market with new banking products and new branches”, Gilbert Hie, the General Director of Bank Republic, said 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 the customer. Today, Bank Republic serves its clients with 75 ATMs and 36 outlets across Georgia.
According to George Suladze, the Head of Retail of Bank Republic, this credit card will become popular among customers and supposedly 80 000 cards will be realized by the end of 2008.
“In order to use Dream Card for 0%, i.e. not paying any interest, from 1st to 25th of the current month, anytime convenient for you, you have to pay back the entire amount spent with the Dream Card during the last month. If you prefer to pay step by step, then you can pay only the part of amount spent during the last month, before the 25th of the current month. You choose monthly instalment (the amount you want to pay every month) from the available 75, 50, 25, 10 or 5 percent of used amount. 5% is the lowest monthly instalment for Credit Cards available in Georgia. The chosen instalment amount is valid for 2 years”, George added.
“Bank Republic plans to expend retail market not only with new banking products but new branches as well. Our target is to open one new branch every month in Tbilisi and in the region. Bank Republic has branches not only in Tbilisi, but in the regions of Georgia. In the previous month, we opened a branch in Poti and this month a new branch will be opened in Batumi. Our second strategy is to offer a wide range of banking products”, He said.
“Bank Republic introduced a mortgage loan MY NOOK to its clients last year. This product can be regarded as one of the most competitive products at the market. Dream Card is able to gain the same success in the short period, because of its attractive conditions. The success of our bank is caused by its well developed network, high quality products and excellent service skills. We want Dream Card to become the best card on the market”, He noted.
Dream Card has the following fees and commissions: Opening account -free of charge, Depositing amount to the account – Free of charge, Dream Card annual service fee – GEL 20, Disbursement of main Dream Card – Free of charge, Disbursement of additional Dream Card – Free of charge, Number of additional Dream Cards – Maximum 3, Immediate preparation of Dream Card – GEL 10, Lost or damaged Dream Card renewal – GEL 20. Dream Card limits: Minimal amount – GEL 200, Maximal Amount – GEL 5,000. Daily limits of operations: 24 hour limit of Cash withdrawals from bank branches – GEL 6,000, 24 hour limit of Cash withdrawals from ATMs – GEL 3,000, 24 hour limit on purchase at merchants – GEL 4,000.
Cash Withdrawal and Payment Charges: Bank Republic ATMs – 0.5% Minimum GEL 0.5, Bank Republic Branches – 1% Minimum GEL 1, Other Bank’s ATMs and Branches – 2% Minimum GEL 6, Purchase at Merchants – Free of charge. Minimum monthly installment: 5%, 10%, 25%, 50%, 75% 100%, Interest rate – 32 % – 26 %, Commission for Dream Card limit approval – 1% Minimum GEL 10, overdue interest rate – 0.5% per overdue day, overdue commission – GEL 20, Overdue penalty – GEL 100, Commission for an unauthorized overdraft – 1% per overdue day. Blocking the bank card locally in case of its loss – Free of charge.
BR got actively engaged in sport this year. The bank is organizing the football tournament among the various districts of Tbilisi where BR represents its own branches. The first phase of the tournament will be arranged at Irao stadium, on June 14, at 15:00, and semi-final and final games will take place on Kus Tba stadium, on June 15 and 22, at 11:00 and 12:00 respectively.. The district teams will be collected by the non-professional football fan residents of the district.
Being the member of the French giant SOCIETE GENERALE, Bank Republic actively participates in EURO 2008 and supports the French team. BR initiates the French Fan Club, located at French Cafй Cashe. BR, together with various French companies operating in Georgia, will support the French team in the Fan Club.
Bank Republic owns 8.6% market share in deposits and 7.6% in loans. Bank Republic is also the second most profitable bank of the Georgian market, achieving an average returns on equity of 3% in 2007. On 29th of September 2006 Bank Republic entered into agreement with Sociйtй Gйnйrale Group and EBRD on purchasing 60% and 10% of shares of BR respectively.
Sociйtй Gйnйrale is one of the largest financial services groups in the euro-zone. The Group employs 151,000 people worldwide in three key businesses:
Retail Banking & Financial Services: Sociйtй Gйnйrale serves 27 million individual customers worldwide.
Global Investment Management & Services: Sociйtй Gйnйrale is one of the largest banks in the euro-zone in terms of assets under custody (EUR 2,720 billion) and under management (EUR 435 billion, 2007).
Corporate & Investment Banking: Sociйtй Gйnйrale ranks among the leading banks worldwide in euro capital markets, derivatives and structured finance.
Sociйtй Gйnйrale is included in the five major socially-responsible investment indexes.
Established in 1864, Sociйtй Gйnйrale is the 7th largest French company by market capitalization and one of the leading financial services group in euro zone. It employs over 151,000 people in 82 countries worldwide. Its business mix is structured around three core businesses: Retail Banking & Financial Services, Global Investment Management & Services and Corporate and Investment Banking. Sociйtй Gйnйrale Group has demonstrated remarkable growth and achieved transformation; the Group has doubled in size over the past 6 years while consistently delivering high profitability, operating efficiency and rigorous risk management.
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