25.May .2022 13:00

How Much Do Banks Spend On Hiring Directors?

How Much Do Banks Spend On Hiring Directors?
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Commercial banks spent GEL 88.5 million on hiring directors in 2021. TBC Bank and Bank of Georgia still have the highest-paid management. The salary fund of the Bank of Georgia for hiring 8 directors amounted to GEL 42.2 million, while TBC Bank’s - GEL 25.7 million.

The annual financial report shows that part of GEL 88,532,274 paid to the top managers is the salary paid in deferred shares, which means that part of the managers received the banks' shares in the form of salary. Managers will be able to cash them in a few years.

A total of 72 people are employed in the governing body of the sector.

Salaries of the Board of Directors in Commercial Banks / 2021

1. Bank of Georgia - GEL 42,278,859 (20,164,043 in deferred shares)
2. TBC Bank - GEL 25,717,987 (14,315,469 in deferred shares)
3. Basisbank - GEL 5 505 604 (923 267 in deferred shares)
4. Credo Bank - GEL 4 499 100 (445 971 in deferred shares)
5. Pasha Bank - GEL 2,037,996
6. Liberty Bank - GEL 1 733 152
7. Terrabank - GEL 1 285 988
8. Halik Bank - GEL 1 253 510 (429 531 in deferred shares)
9. Cartu - GEL 1 202 102
10. Ish Bank - GEL 1 192 506
11. ProCredit Bank - 778 147 GEL
12. Ziraatbank - GEL 584 985
13. Silk Road Bank - GEL 462 338

Source: Commercial Banks