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Experts: the leaving of HSBC from Georgia will not affect the country

2011-09-07 20:07

Experts: the leaving of HSBC from Georgia will not affect the country. 21731.jpegAccording to the Association of Banks of Georgia, after the leaving of the global financial giant - British bank HSBC from the territory of Sakartvelo, the Georgian banking sector won't lose anything. As reported by "Business-Georgia", in particular, this opinion is shared by the chairman of the Association of Banks of Georgia Zurab Gvasalia. He explained that HSBC should create serious competition to major players in the local market in order to become a major bank in Georgia. It must have large capital investments for this. According to Gvasalia, perhaps, the bank realized that it is difficult to sustain such competition in Georgia.

The expert also believes that the leaving of the British bank from the territory of Georgia does not mean that the country has a poor investment environment. Indeed, HSBC also leaves Poland due to changes in global strategy, added Gvasalia.

A similar position is shared by the head of the Georgian investment company "Caucasus Financial" Levan Surguladze. In his view, it is unlikely that the leaving of HSBC would harm Georgian banking sector - since the company had served only a few corporate clients. Although, in his opinion, it would be better if they would remained at the Georgian market.

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