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Bank of Georgia responds to Accusations

Published: July 29, 2013 | 10:25 am
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The Bank of Georgia has responded to the Developers Association and the company Nova Technology via TV3. The Chairman of the Developers Association Irakli Rostomashvili and the head of the Supervisory Board at Nova Technology Jumber Takniashvili had accused the country’s leading bank of sinking its opponents and hindering the development of small and medium-sized businesses within the country.
According to the spokesman for the Bank of Georgia, they have financed the highest number of construction projects in the country. Only last year, the BOG had given out loans totalling 20 million USD within the construction sector. Furthermore, the bank claims not to have loaned a single Tetri to its subsidiary company M-Kvadrati.
As for the statement made by Nova Technology, the BOG responds that in the light of all other fast payment companies simultaneously imposing commission charges upon customers, the bank made the decision to maintain a competitive environment on the market by maintaining its 0% commission tariff. Moreover, the BOG regards the overall effectiveness of the fast payment services against the background of customer satisfaction as a priority over the profitability of this particular business, the spokesman adds.

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