Press Release: Bank Of Georgia Opens Office In Hungary
- 20 Sep 2012 9:00 AM
Bank of Georgia opens its first Representative Office in Hungary on September 19, 2012. The leading Georgian bank, based on total assets (with a 35.7% market share), total loans (35.9%) and client deposits (36.0%) as of 30 June 2012 starts its operation in its new office in Budapest. The Bank offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients. Bank of Georgia is fully owned by Bank of Georgia Holdings plc, a UK-incorporated holding company which is listed on premium segment of London Stock exchange and is part of FTSE250 index.
In 2012 Bank of Georgia delivered an outstanding half year profit. The main drivers of the record performance were strong business growth across the board, the reduction in deposit costs, improved efficiency and the continued improvement in credit trends. Wealth Management continued to expand its client franchise with deposits increasing by 72.8% to Georgian Lari (GEL) 528.9 million over the last 12 months. Large chunk of such an increase came through Bank of Georgia's client base in Hungary and the neighboring countries.
Because of the expanding client base in Europe Bank of Georgia decided to open its office in Budapest. Budapest office is the third representative office of Bank of Georgia after Tel Aviv (2009) and London (2010). The main goal of the new office is to introduce the products of the bank to the potential clients from Hungary and other European countries. Bank of Georgia Representative Office in Hungary is operational as of September 19, 2012.
Bank of Georgia has selected Stay in Hungary Kft’s office design and project management service to setup and launch its new representative office. Faludi Wolf Theiss Attorneys-at-Law provided legal assistance to successfully start its operations.
Bank of Georgia Representative Office in Hungary
Address: 1054 Budapest, Szabadsag ter 7.
LATEST NEWS IN business