Bank Republic, part of the global Société Générale group, has made a long-term commitment to the Georgian economy. CEO Christian Carmagnolle explains, “Société Générale acquired a local bank here in Georgia in 2006 and the Georgian shareholder is still involved with the bank, and is also Chairman of the Supervisory Council. We wanted to have a local expert with market knowledge while also bringing our group’s global experience and western know-how to the mix. It’s a great match.”
Christian Carmagnolle adds that Bank Republic-Société Générale’s ambition for 2015 is to strengthen its international network and promote interchanges and synergies among the group’s subsidiaries. Bank Republic Georgia aims to play an important role in this effort.
Bank Republic expects to maintain a growth rate of 12% to 15% over the next five years. This year, it is establishing strong foundations for sustainable long-term growth by reducing costs while concentrating on services. Christian Carmagnolle says, “We found that when we offered lower prices, clients rushed to us seeking financing. We realise that if we can lower costs, we can provide our clients with real solutions and in turn gain the market share we are looking for. So, our objective is to be the most desirable bank in Georgia, offering the best “value for money” in the market.”
Support of international institutions
Bank Republic Georgia has received strong support from the International Finance Corporation, the EBRD, the KfW and the EIB. These institutional investors are securing the funding of the bank, allowing Bank Republic to offer its clients long tenors loans. The presence of institutional investors also helps to reassure clients that Bank Republic maintains the highest international standards of good governance and transparency.
Christian Carmagnolle praises Georgia’s business environment, noting that the government has streamlined many processes, fought against corruption and that regulations are already world class. He says, “Rather than interfering with the private sector, the government is trying to encourage investment, maintain consistency, and provide support for the business community.” Urging clients in Georgia to come to Bank Republic for their banking needs, Christian Carmagnolle concludes, “We have a strong local reputation for transparency, low fees and rigorous standards, and we are ready to partner with foreign investors taking advantage of the many opportunities here in Georgia.”
