Japanese holding company of inclusive financial service providers Gojo & Company, Inc. has acquired 16.8% equity stake at Credo Bank, marking its debut venture into Georgia. The investment transaction, initiated over a year ago, aims to bolster Credo Bank’s initiatives to support entrepreneurs and their employees by providing affordable financial services.
Credo Bank’s shareholders are Access Credo GmbH – a microfinance holding company from Germany, funds managed by Triodos Investment Management BV – from the Netherlands and Development Finance Institution – Proparco (Groupe Agence Française de Développement) from France.
“It is with great pleasure that I welcome Gojo & Company, Inc. as a new shareholder. Their involvement will significantly strengthen Credo Bank’s positioning and reinforce our goal of providing sustainable financial services to micro, small and medium-sized entrepreneurs with a special focus on digitalization and innovative product delivery. This landmark transaction underscores our shareholders’ trust in the bank and its potential as a solid foundation for our future growth, while advancing financial inclusion, positive environmental and economic impact.” -said Zaza Pirtskhelava, Chief Executive Officer of Credo Bank.
Taejun Shin, Founder and CEO of Gojo & Company, Inc. stated - “We are delighted to partner with Credo Bank to advance our shared mission of accelerating financial inclusion worldwide. Credo Bank has been instrumental in expanding access to financial services in rural Georgia, and we look forward to supporting its continued growth and development.”
Natia Turnava, Acting Governor of the National Bank of Georgia, remarked – “This is an unprecedented scale of Japanese investment in the Georgian banking sector. It underlines high confidence and sustainability towards the Georgian banking sector. The entry of international investors will positively influence the investment climate, fostering market diversification, enhancing the availability of banking products for our citizens, and stimulating competitive growth. Our financial sector is performing effectively, serving the economy well, and this investment is a testament to that."
Gojo & Company, Inc. is a Tokyo-based holding company of inclusive financial service providers operating in 13 countries in Southeast Asia, South Asia, Central Asia & the Caucasus, and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024.
Credo Bank is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 94 service centers, it offers fully-fledged and innovative banking services to over 480,000 customers. The bank’s mission is to support Georgia’s micro, small and medium entrepreneurs and their employees to create a better future by offering affordable financial services.
