HSBC Launches Georgia Operations

HSBC commenced banking operations in Georgia on June 23.

HSBC, which obtained banking licence last July, operates under the name HSBC Bank Georgia.

“With GDP growth last year in excess of 10%, 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,” Tony Turner, CEO, HSBC Bank Georgia, said.

The bank has occupied a flagship branch on the Tbilisi’s main thoroughfare, Rustaveli Avenue, and plans for a second branch are already underway on Gamsakhurdia Avenue.

The bank said in a statement that 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.”

HSBC Bank Georgia jsc is a 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 of June 23, is GEL 23.9 million (about USD 16.7 million), according to the bank.