NEWS

JSC Credo Bank Acquired Portfolios of MFO Credit Plus Georgia and MFO BIG

2018-09-28

   JSC Credo Bank officially announces the portfolio acquisition of two Microfinance Organizations - Credit Plus Georgia and BIG. Increased the portfolio by GEL 43 Million and the number of active customers around 9,500, it now facilitates larger segment of microfinance market and at the same time, gives the opportunity to new employees from both Microfinance Organizations to successfully carry on their careers at Credo Bank.

    “We are glad to announce that negotiation between Credo Bank and both MFOs has been successfully conducted. As a result, the bank will become even stronger market player through increasing its portfolio share from microfinance sector and at the same time, will contribute to its development across the country. We are happy to offer advanced credit and retail products to those customers, who represent the micro segment, most of them residing in rural areas with limited access to banking” - Stated Zaza Pirtskhelava, Chief Executive Officer of Credo Bank. 

   Notably, Credo Bank is constantly oriented on the organizational growth and development. Recently, portfolio acquisitions became one of the strategically important directions. In order to successfully follow its overall growth strategy, Credo Bank’s ambition is to further enhance its portfolio growth through the acquisitions and to provide increased number of customers with tailored banking products and service delivery channels.

   Credo Bank is the leading bank on Georgian microfinance market in terms of countrywide presence and number of customers. With portfolio of GEL 640 Million, it operates 68 Service Centers and supports up to 270 thousand customers across Georgia. The bank’s mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities. Credo Bank is owned by consortium of international shareholders, the social impact investors - Access Microfinance Holding AG, ResponsAbility Investment Management AG and Triodos Investment Management BV.