The world's local bank
HSBC opens for business in Georgia
20 June 2008
HSBC will commence banking operations in Georgia on Monday, unveiling a six-storey flagship branch and head-office premises on Rustaveli Avenue in the heart of the capital Tbilisi. The Group was awarded a local banking licence in July 2007 and will operate under the name HSBC Bank Georgia. This brings to 84 the number of countries and territories in which HSBC has a presence.
With an initial staff of 44, most locally employed banking professionals, HSBC Bank Georgia will offer the full range of retail and commercial products and services as well as foreign exchange and capital markets expertise. Plans for a second branch are already well underway with the acquisition of a freehold site on Gamsakhurdia Avenue in Tbilisi's busy commercial district.
Georgia is one of the most dynamic economies in the former Soviet Union. Real GDP growth was 12.4 per cent in 2007 with net FDI inflows of US$1,563m versus US$542m in 2005. Per capita GDP last year was US$2,315. The population numbers around four and a half million.
Tony Turner, CEO, HSBC Bank Georgia, said: "With GDP growth last year in excess of 10 per cent, strong FDI inflows and a series of highly successful structural reforms in place, we believe that Georgia offers some of the best growth opportunities in the entire CIS region."
He continued: "There is a new breed of Georgian who are increasingly global in outlook and expect nothing less from their bank. As The world's local bank, HSBC is able to offer them unrivalled access to international banking services as well as local expertise from professionals on the ground.
Media enquiries to:
Neil Brazil
HSBC Holdings plc
+44 20 7992 1572
neilbrazil@hsbc.com
Nino Sturua
HSBC Bank Georgia
+995 77 434143
ninosturua@hsbc.com
HSBC Bank Georgia
HSBC Bank Georgia jsc is a locally-licenced joint venture between the HSBC Group, which has 70% ownership, and members of overseas Armenian businesses who hold 30%. The Bank's start-up, paid in capital as at 23 June is GEL23.9mln (=USD$16.7mln).
Tony Turner, CEO, HSBC Bank Georgia
Tony Turner, a 25 year HSBC veteran, was previously CEO in neighbouring Armenia, where HSBC was the first international bank to open in 1995. During his time there he helped build a powerful franchise with 10 branches and the largest ATM network in the capital, Yerevan.
HSBC Holdings plc
HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,354 billion at 31 December 2007, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
About Georgia
A democratic republic, Georgia has benefited from a sustained series of liberal reforms and strong economic growth following the country's "Rose Revolution" in late 2003. Presidential and parliamentary elections held this year have renewed President Saakashvili's mandate and that of the governing parliamentary party which supports him. The country has attracted large, net FDI inflows in recent years (>USD1.5bln in 2007). Sovereign Georgia's FCIDR [Foreign Currency Issuer Default Rating] is BB- Stable by FitchRatings and B+ Positive by Standard & Poor's.
| Georgia Economic Facts | |
|---|---|
| Gross Domestic Product: | $10.2bln (2007); $7.8 bln (2006) |
| GDP per capita (PPP) | $4,176 (2007); $3,642 (2006) |
| GDP per capita | $2,315 (2007) |
| Real GDP economic growth rate: | 12.4% (2007); 9.4% (2006) |
| Inflation Rate: | 11% (2007) |
| Currency: | Lari |
| Population: | 4.6mln |
| Capital: | Tbilisi, population 1.1mln (estimate) |
(Source: IMF, CIA The World Fact Book)
Increase font
Decrease font