The Black Sea Trade & Development Bank (BSTDB) has selected Bank Republic as a financial intermediary to deliver its trade finance products in the Caucasian republic of Georgia. BSTDB will extend a US$3mn revolving trade finance facility to Bank Republic to advance short-term sub-loans to companies in Georgia engaged in foreign trade with other member countries of BSTDB.
Up to 50% of the facility can be used to finance export of goods from Georgia to non-member countries.
The project will support banks “strategies to aggressively finance businesses involved in regional trade that provide business plans for ambitious growth. The target clients would be businesses exporting/importing capital goods, products for food industry, fuel and energy related products, and raw materials within the Black Sea region.
Bank Republic became the third BSTDB financial intermediary in Georgia, with similar BSTDB financial facilities provided earlier to Bank of Georgia and TBC Bank.
Bank Republic is the oldest commercial bank in Georgia founded in 1991. The bank is fully owned by local businessmen and is one of the leading banks in Georgia providing a broad range of banking services. As of October 2005 the bank has experienced 82% growth of its assets, amounting up to US$120mn and total capital amounting to US$20mn. Bank Republic also owns 50% JSC Aldagi, the leading insurance company in Georgia.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece.