Pending project approval, VTB Georgia is poised to receive a USD 7.3 million equity investment from the EBRD. The investment is aimed at helping VTB Georgia remain compliant with government regulation while also realizing growth through continued lending within the Georgian economy. VTB Georgia has already received the necessary technical assistance and training needed to help it remain stable and competitive. Funds for that assistance were provided through donations from the EU, France, Japan, the U.K., and USAID.
JSC VTB Bank Georgia (VTBG) was established in 1994 through the merger of three state-owned banks. It became part of the VTB Group in 2005 and is now Georgia’s sixth-ranked banking institution with $228 million is assets.
VTBG’s primary shareholders are majority shareholder OJSC VTB Bank (77.5%) and the EBRD (8.9%). The bank offers a wide range of standard commercial and consumer banking services in cities across Georgia. Despite heavy losses for the 2008 fiscal year VTBG was still given a long-term credit rating of B+ by Fitch in December of 2008.