June 23, 2008
Banking Business Review

HSBC has announced that it will commence banking operations in Georgia, unveiling a six-storey flagship branch and head-office premises on Rustaveli Avenue in the capital Tbilisi.

The group was awarded a local banking license in July 2007 and will operate under the name HSBC Bank Georgia. This brings to 84 the number of countries and territories in which HSBC has a presence.

HSBC Bank Georgia will offer the full range of retail and commercial products and services as well as foreign exchange and capital markets expertise. Plans for a second branch are already well underway with the acquisition of a freehold site on Gamsakhurdia Avenue in Tbilisi's commercial district.

Tony Turner, CEO of HSBC Bank Georgia, said: "With gross domestic product growth last year in excess of 10%, strong foreign direct investment inflows and a series of highly successful structural reforms in place, we believe that Georgia offers some of the best growth opportunities in the entire commonwealth of independent states region."