Georgia’s banking sector remains attractive to new players, according to Banking Association President Aleksandre Dzneladze. He said new financial products, services and innovative offerings are creating opportunities for new companies to enter the market.
The National Bank recently granted a banking license to Neo Georgian Group, bringing the number of licensed banking entities in Georgia to 20. Dzneladze said the arrival of a new commercial bank is a sign of competition in the financial sector.
He said it is still too early to determine whether Neo Georgian Group will focus on a specific niche or operate as a universal bank. “There are new products, new directions and innovative offerings that create space for new players to enter the market, and this space is quite large,” Dzneladze said.
Dzneladze also noted that Liberty Bank and Basisbank are expected to complete their merger in the near future, which will reduce the number of banking licenses to 19 by the end of next year. He added that the Banking Association expects Neo Georgian Group to join the organization.
