BSTDB EXPANDS ITS TRADE FINANCE PROGRAM IN GEORGIA
Press Release | 18-Nov-2005
The Black Sea Trade & Development Bank selected Bank Republic as a financial intermediary to deliver its trade finance products in Georgia. BSTDB will extend a USD 3 million revolving trade finance facility to Bank Republic to advance short-term sub-loans to companies in Georgia engaged in foreign trade with other member countries of BSTDB. Up to 50% of the facility can be used to finance export of goods from Georgia to non-member countries.
Bank Republic became the third BSTDB financial intermediary in Georgia, with similar BSTDB financial facilities provided earlier to Bank of Georgia and TBC Bank.
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Bank Republic is the oldest commercial bank in Georgia founded in 1991. The bank is fully owned by local businessmen and is one of the leading banks in Georgia providing a broad range of banking services. As of Oct-05 the bank has experienced 82% growth of its assets, amounting up to 120 mil USD and Total Capital Amounting 20 mil USD. Bank Republic also owns 50% JSC Aldagi, the leading insurance company in Georgia.
The above mentioned project will support banks strategy to aggressively finance businesses involved in regional trade that provide business plans for ambitious growth. The target clients would be businesses exporting/importing capital goods, products for food industry, fuel and energy related products, and raw materials within the Black Sea region.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB has an active portfolio of 62 operations to the total amount of USD 715 million. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.