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Current Situation in Banking Sector, and Demand for Business Loans

Published: September 6, 2013 | 12:03 pm
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What is the situation like in the Georgian banking sector, and how high is the demand for business loans? The Director of Procredit Bank Sascha Ternes has told TV3 that the banking sector holds a strong position, and every bank is aiming to increase its credit portfolio. According to him, interest rates on loans have been reduced considerably in recent period, which is a testimony to the banks’ desire to offer their customers service at attractive and competitive terms. Demand for business loans has decreased compared to previous years, which could be explained by the slow economic growth. Mr. Ternes states that the only serious problem facing the Georgian economy is political stability, which remains an obstacle for foreign investors. However, he views the government’s initiative regarding issuing cheap loans to the agriculture sector positively, and adds that Procredit Bank will increase its support for small and medium scale businesses this year.

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