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Bank Republic Opens New Branch, Launches Unprecedented Low Interest Rate Offer on Consumer Loans

Published: October 29, 2012 | 9:40 am
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The COMMERCIAL TIMES

Bank Republic announced the launch of an unprecedented low- 13.95% interest rate offer on consumer loans during the opening of its 38th branch on 82 Aghmanshenebeli Ave. on October 22.

According to Christian Carmagnolle, CEO of Bank Republic/ Société Générale Group, both physical and juridical persons will get access to universal services at the new branch. “Along with opening new branches, which will offer new type of approach to consumers, we’re motivated to further improve service quality. Our personnel will be more oriented at establishing closer contact with clients,” declared Mr. Carmagnolle. In his words, the new branch will have cashier-operators, meaning that operators will combine operational functions with cashier’s services (cash operations with certain limited amount).

With the new branch strategy the bank launches face-to-face working principle. The new branch will work six days a week (Monday-Saturday).

Analogue to Société Générale’s working principles in other countries, Bank Republic clients will also have private bankers.

As the bank’s CEO said, with the offer of low interest rates on consumer loans, Bank Republic tries to adapt to the local market tendencies and maintains its innovative image, at the same time continues working on its business development strategy.

According to Ramaz Kukuladze, Commercial Director of Bank Republic, the bank starts a special campaign on the consumer market: “It’s a consumer-market oriented loan campaign, the main attraction of which is the low interest rate- 13.95%.”

Those who need financing for home appliances, renovation, furniture, clothes, travelling, etc., can benefit from Bank Republic’s special consumer loan campaign till the end of autumn with the following terms:

Maximum amount of loan without collateral is- GEL 30 000 and with collateral- GEL 50 000. Interest rates for up to 24 months makes- 13.95% and from 24 up to 36 months- 14.95%.

Kukuladze says, decreasing interest rates on consumer loans has nothing to do with political developments in the country. In his words, the market needs to be revived with such incentives.

As Giorgi Samadashvili, Head of Product Development Department at Bank Republic, told The COMMERCIAL TIMES, earlier last year Bank Republic launched campaign on consumer loans with interest rate offer as low as 11%. As he explained, today’s 13.95% campaign is the lowest offer on the local banking market.

“The main reason behind Bank Republic’s decision to launch this lowest interest rate campaign is that there’s usually a growth demand on consumer loans during the New Year period,” stated Samadashvili.

 

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