During 2011, Constanta Bank, a provider of microfinance services to micro- and small businesses in Georgia, witnessed a 77-percent growth in assets, a 71-percent growth in its credit portfolio and an 89-percent growth in the amount of loans issued relative to the previous year [1]. Constanta has increased its number of branches from 21 to 30 during the first quarter of 2012 and plans to open an additional 15 before the end of the year.
Within the last year, Constanta has rolled out several new products such as consumer loans and microsavings. The bank also introduced a deposit interest rate of 17 percent per year, resulting in deposits growing four times higher than anticipated [1]. In addition, the bank is looking to introduce automatic teller machines (ATMs) for its preferred customers. Going forward, the general director of the bank, Mr Levan Lebanidze, said that the bank would focus on developing agricultural financing products.
As of December 2011, Constanta Bank has total assets of USD 84 million, a gross loan portfolio of USD 66 million and approximately 29,000 active borrowers.
By Amira Berrada, Research Associate
About Constanta Bank: Constanta has been providing microfinance services to micro- and small businesses in Georgia since 1997. In December 2007, Constanta started operations as a joint stock company (JSC). Its 2011 annual report indicates total assets of USD 84 million, a gross loan portfolio of USD 66 million and approximately 29,000 active borrowers.
Sources and Additional Resources:
[1] http://finchannel.com/news_flash/GeoBanks/106758_Bank_Constanta_to_Open_…
MicroCapital.org story, March 14, 2012, “MICROCAPITAL BRIEF: responsAbility Loans $1.5m to Constanta of Georgia, $2.5m to Eskhata of Tajikistan” https://www.microcapital.org/microcapital-brief-responsability-loans-1-5m…
MicroCapital.org story, November 16, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe Lends $20m to ProCredit Bank Georgia for Microfinance, SMEs” https://www.microcapital.org/microcapital-brief-european-fund-for-southea…
MicroCapital Universe Profile for Constanta Bank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=JSC…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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