• Type: Press release
  • Date: 4/4/2012

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Article by Managing Partner of Southern Caucasus for “Financial” 

Andrew Coxshall, KPMG Southern Caucasus Managing Partner, wrote an article “Other Georgian banks to follow Bank of Georgia’s IPO path?” for newspaper “Financial” (2 April, 2012).
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2011 will be viewed as a good year for most Georgian banks and the sector as a whole. During 2011 total assets increased by $1 billion (18%) and profits by $83 million (104%), while loan provisions decreased by $11 million (3%). The dominance of the five largest banks (accounting for nearly 80% of total assets) has driven the overall positive performance and there remain more opportunities for growth through tapping the “un-banked” population; increased efficiency either through economies of scale from consolidation or from organic improvements; increased use of various banking products by existing customers; increased use of social media and integrated marketing communications to reach new customers; lower delivery costs through technology, staff training and development improvements and finally improved geographical coverage.


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