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Zurab Gvasalia Says the Russian Kommersant’s information about Azerbaijan’s Regional Leadership in Banking Sector is Incorrect

Published: June 6, 2013 | 10:51 am
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(CNA)-Russian Kommersant unites Georgian banking system in the group of the so called city-states while assessing the former USSR and current CIS countries. ‘Heavy-weight’ players were listed in the first group while in the second group of city-states Georgia is seen along with Azerbaijan, Armenia and Moldova. Azerbaijan is named the leader of the region with USD 20 billion assets while this indicator in case of the other members of the group is said to be below USD 10 billion.
As Zurab Gvasalia, President of Association of Banks of Georgia (ABG), told TV3 that “the assessment delivered by the Russian Kommersant is groundless. Azerbaijan is definitely not the leader in the region.” In his words, “capital and oil volume does not condition perfect and healthy well-managed sector.” According to Gvasalia, Georgia is among the top leaders in terms of banking assets while no statistics agency acknowledges Azerbaijan’s dominance in the region.

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