"Credo Bank" acquired the portfolio of the microfinance organization "BIG"


JSC “Credo Bank” has officially announced about the acquisition of credit portfolio of the microfinance organization "BIG". As a result of the deal, in addition to the portfolio of the microfinance organization, a significant part of “BIG’s” employees have joined “Credo Bank”.
"We are pleased that negotiations between us and the microfinance organization "BIG" have ended successfully. Acquisition of the microfinance organization’s portfolio will enable "Credo Bank" to increase significantly the market share on the micro segment and enhance its development across the country” – declared Mr. Zaal Pirtskhelava, CEO of “Credo Bank”.
The acquisition of “BIG’s” portfolio once again emphasizes the aspiration of “Credo Bank” for its growth and development. Should be highlighted, that “Credo Bank” declared about the acquisition of microfinance organization “Credit Plus Georgia’s” portfolio in August 2018 and plans to acquire other microfinance organizations as well in the future.
„Credo Bank's” goal is to support development of micro, small and medium businesses and improve significantly their access to financial services. It creates the most useful financial environment for the customers. It constantly cares of the development and improvement of the services and products in order to offer the most favorable conditions to its customers.
“Credo Bank” with its 20 years of experience, initially operated as a microfinance organization in the country's financial market. Since 2017, it has obtained the banking license and today is the 9th largest bank in Georgia. “Credo Bank” is represented by 68 service centers across the country. Parallel to the expansion it increases the number of its employees, which exceeds 3600 staff at this moment; the number of customers over 255 thousands. As a result of the agreement reached with the microfinance organizations, the number of customers of “Credo Bank” as well as the employees will be increased by the end of the year, which is another step forward for sustainable economic development of the country.