On July 4, 2018, FINCA Bank Georgia officially announced that the minimum regulatory capital requirement is ensured. According to FINCA Bank management board, all formal procedures have already been completed.
FINCA Bank CCO Giorgi Nadareishvili said that FINCA always paid critical attention to the topic of compliance, everywhere, where it operates. “Today we are pleased to officially announce that FINCA Bank is in full compliance with the minimum regulatory capital requirements and new regulations of the National Bank. FINCA’s shareholders and the Global Financial Network partners of FINCA Impact Finance have always expressed unconditional commitment, that FINCA Bank Georgia fully meets the requirements of the regulator. FINCA Bank Georgia continues responsible banking in the country and offers customer needs oriented diverse products and services in all regions of the country” – said Giorgi Nadareishvili, Chief Commercial Officer of FINCA Bank Georgia.
FINCA Bank Georgia is part of the FINCA Impact Finance Network, a group of 20 microfinance and financial institutions that provide socially responsible financial services enabling low-income entrepreneurs and small business owners to invest in the future. Being part of global network of financial institutions, FINCA Bank has strong partners such as FINCA International, USA, International Financial Corporation (IFC, World Bank Group)- USA, KfW Bankengruppe, the German development bank, FMO, the Netherlands development bank, responsAbility Global Microfinance Fund, an investment fund advised by the Zurich-based asset manager responsAbility Social Investments AG, and Triple Jump, a Netherlands-based microfinance investment manager.
FINCA Bank Georgia, a bank with strong corporate governance and expertise in financial services management, has been providing responsible financial services to customers in Georgia since 1998.
In 2017 the National Bank of Georgia increased the minimum regulatory capital threshold for commercial banks from GEL 12 million to GEL 50 million – all banks are expected to be in compliance with the new requirement by the end of 2018.