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Home > About Us > History


Year 2012

Year 2011

Year 2010

Year 2009

Year 2008

Year 2007

Year 2006

Year 2005

Year 2004

Year 2003

Year 2002

Year 2001

Year 2000

Year 1999



In 2012 ProCredit Bank Georgia began introducing self-service areas in branches and service points. By providing 24-hour access to numerous banking services in a safe and pleasant environment, the areas offer our clients maximum convenience and save time.

In April 2012 ProCredit Bank upgraded its Internet Banking platform. It offers a range of new features and is now even more convenient to use.

The bank’s management underwent a number of changes in 2012. Dr. h.c. Sascha Ternes, a director at the bank since 2007, was appointed General Director, replacing Ms. Maya Meredova. Furthermore Ms. Ketevan Burduli was appointed as the bank’s third director, working alongside Dr. h.c. Ternes (General Director) and Ms. Ketevan Khuskivadze (Director). The management team was also expanded to include three members of the Extended Management.

2012 also brought changes to the bank’s Supervisory Board. Mr. Petar Slavov, who is Chairman of the Management Board of ProCredit Bank Bulgaria, was appointed Chairman of the Supervisory Board at ProCredit Bank Georgia. Ms. Sandrine Massiani and Dr. Claus-Peter Zeitinger were also appointed to the Supervisory Board, replacing Ms. Susanne Decker, Mr. Michael Kowalski and Mr. Stephan Boven. Mr. Wolfgang Bertelsmeier became an independent member of the Board.

In June, Fitch Ratings confirmed ProCredit Bank’s Long Term IDR “BB with a stable outlook” and upgraded the bank’s viability rating from “b+” to “bb-“, overall the best and highest possible rating in Georgia.

In August 2012, ProCredit Bank introduced Eco Loans for private clients. This type of loan is intended to support investments in energy efficiency measures and renewable energy. At the end of the year, ProCredit Bank extended Eco Loans to business clients as well in order to encourage energy-friendly investments.

The construction of ProCredit Bank’s new Head Office was completed in December 2012. The modern building, which has an adjoining park and underground parking facility, will also house the bank’s new central branch and training facilities.



In 2011, a new group-wide approach to recruitment and staff development was implemented, which included the launch of the Young Bankers Programme, a six-month internship aimed at familiarising newcomers with the concept of target group-oriented banking, which combines social development goals with commercial sustainability.

As a socially responsible institution, ProCredit Bank believes it is important to contribute to the preservation and protection of the environment for future generations. As part of an on-going campaign aimed at increasing staff awareness of environmental issues and the rational use of natural resources, the bank’s branches have been actively.

involved in various environmental activities, such as cleaning up neighbourhood parks, and competing against each other in saving electricity. In the same context, ProCredit Bank has donated USD 20 000 to the Lagodekhi Nature Reserve for the improvement of the park’s infrastructure.

In 2011, ProCredit Bank Georgia introduced a “one-stop” system that allows customers to perform cash and non-cash transactions at a single front office desk. This streamlined service is available at all ProCredit branches and service points. In addition to providing this new service, the bank focused on redesigning its branches and service.

points. As of end-2011, three offices (the Poti and Didube branches and the Digomi service point) had been redesigned and renovated according to the bank’s new design concept.
In 2012, the bank plans to further focus on the redesign of its branches and in doing so, create an even more welcoming atmosphere for its customers. 



2010 was yet another year of convincing performance for ProCredit Bank Georgia, as it reported growth in all business lines, high loan portfolio quality and strong profits. These positive results are a reflection
of the bank’s success in maintaining its solid standing throughout the crisis period, during which it made significant gains despite negative banking sector trends.

One major project for ProCredit Bank Georgia in 2010 was the ongoing construction of the Bank’s new head office building, which is scheduled to open its doors in 2012. Also in line with the shift towards a more pronounced customer focus, improvements were made to the interior design of the branches. The remodelling efforts undertaken at the Vake branch in 2010 are an excellent example of our renewed commitment to optimising our level of customer service. We relocated the branch to more visible and accessible premises and improved the interior structure of our operations. In addition, we introduced a “one-stop” system that combines cash and non-cash transaction services at a single front office desk.

2010 marked a successful year for our card transaction business: we installed 547 new POS terminals at our business customers’ premises, bringing the total to 895, which resulted in a threefold increase in the number of POS transactions.

The bank invested heavily in staff training and development in 2010. The Training Department designed more complex training programmes aimed at familiarising employees with the bank’s products and services. The programme content included basic banking concepts as well as logical and numerical skills training.


Construction of ProCredit Bank Georgia’s new headquarters, located in the central part of Tbilisi, began in May. In addition to spacious offices, the new building will have a training center and a street-level branch. The modern seven-storey design features an atrium with a glass roof that reflects our commitment to transparent banking and open communication. Construction is scheduled for completion in 2012.

As part of its ongoing “ProArt” project, ProCredit Bank Georgia arranged a two-month exhibition in collaboration with ProCredit Bank Ukraine to showcase the works of contemporary Georgian artists. The event began in June, when four artists travelled to Kyiv to present their pieces at a new branch of the bank. Guests included representatives of the diplomatic corps and art and business circles, and members of the Georgian Diaspora. The exhibition was then taken to other large cities around Ukraine.

At the end of August, Fitch Ratings upgraded its long-term foreign currency issuer default rating of ProCredit Bank Georgia from “B+” to “BB-”, restoring the rating that had been awarded prior to the military conflict of August 2008. Fitch also removed its “Rating Watch Negative”, assigning a “Stable Outlook”. Underscoring the bank’s stable performance, these were the best and the highest possible ratings in Georgia.

The “Help the Children” project, which began in the aftermath of the previous year’s conflict, came to a successful end. In co-operation with the Georgian Red Cross Society, the bank launched this initiative to help over 500 children from the Tskhinvali region and their relatives overcome post-traumatic stress by funding a ten-day stay at peaceful rehabilitation centers around the country. Donors included clients, suppliers, local residents,
employees, and more than a thousand colleagues from Banco ProCredit Ecuador. A detailed report was sent to all donors to thank them for their contributions and to illustrate the positive impact of this project.

ProCredit Bank Georgia celebrated its tenth anniversary on 25 September 2009. To commemorate this milestone, a press conference was held at which speakers presented a summary of the bank’s achievements and its
strategic development over the past decade. A reception dinner was then held for clients, employees and Supervisory Board members as well as representatives from the government, international organisations and local
banks and businesses. In total, 450 people participated.

In November, ProCredit Bank Georgia opened its own training center that provides English language courses and a broad range of middle management training opportunities. The facility is housed in rented premises in a
peaceful district on the outskirts of Tbilisi, where 75 people can receive training simultaneously and accommodation can be provided to up to 25 people. The facility has all of the necessary amenities and an in house cook, so the participants are able to benefit from a comfortable learning environment.



ProCredit Bank opened 16 branches at locations throughout the country during 2008, expanding into three new regions and bringing the total number of branches to 58. As a result, ProCredit Bank now has the third largest
branch network in Georgia.

During the year, ProCredit Bank hired over 500 new staff, increasing the total number of employees to 1 815. The Bank provided induction seminars and job-specific training for all new employees as well as ongoing refresher and professional development courses for existing staff.

To mark International Children’s Day, ProCredit Bank organised a nationwide event for children on June 1. More than 10 000 people – including both children and parents who have opened special children’s savings accounts with the  Bank – took part in informative, entertaining activities about the various countries in which the ProCredit group operates.

During the armed conflict in August, the bank continued to provide services to its customers without any significant restrictions, once again demonstrating its reliability and strength as a financial institution. Apart from two branches in Gori which were forced to close for two weeks for security reasons, all ranches continued to serve their clients.

In co-operation with the Georgian Red Cross Society, ProCredit Bank initiated and financed a project to help children who were victims of the armed conflict. The project enabled children suffering from post-traumatic stress to receive rehabilitative care at selected resorts across the country. In addition, the bank’s branches assisted the Save the Children organisation in collecting toys and schoolbooks for children affected by the conflict.

The bank published a catalogue for the “ProArt” project showing works by all of the artists who took part in the exhibitions held at ProCredit branches throughout the country during 2007-2008. Copies of the catalogue were distributed to our branches and business partners in Georgia, and to all of the other institutions in the ProCredit group.

ProCredit Holding increased its stake in ProCredit Bank Georgia by GEL 15.2 million (USD 9.1 million) during the year. This additional equity enabled the bank to achieve its ambitious growth plans for the year.


ProCredit Bank Georgia marked its eighth anniversary with a celebration attended by a substantial number of its clients. By the end of its eighth year of operations, the bank was serving some 200 000 customers throughout Georgia and was one of the leading institutions in the local market.

The Government of Georgia launched a programme to support small business development and employment in the tourism sector. ProCredit Bank was chosen to implement the programme and received a credit line of GEL 5 million from the government. The bank disburses loans from GEL 1 000 to GEL 50 000 with maturities of up to 5 years to small businesses that operate or wish to explore opportunities in the tourism industry.

Most of the preparatory work to obtain a Visa merchant acquiring license was completed, and a number of POS terminals were installed at retail outlets operated by the bank’s corporate customers. The bank plans to install around 1 500 POS terminals throughout the country in the next three years.

ProCredit Bank Georgia received new credit facilities from FMO (USD 5 million), ProCredit Holding (USD 23 million), BlueOrchard (USD 10 million) and the Global Microfinance Facility (USD 4.5 million), as well as a syndicated loan from the EBRD (USD 15 million).

In May ProCredit Bank launched “ProArt”, a new project to support Georgian artists. It ran until the end of the year, with exhibitions of works by nearly 40 Georgian painters displayed at various branches throughout the country.

In June ProCredit Bank initiated a new project to redesign and renovate playgrounds in neighbourhoods where its branches operate. In the Digomi district of Tbilisi, the bank presented a newly renovated playground to the city as a gift. The project will be expanded to cover the whole country.

For the second year in a row, ProCredit Bank organised a sports and entertainment festival during the summer for children in Batumi (Adjara region). More than 200 children took part in the festival.

On September 19, the international ratings agency Fitch Ratings reaffirmed the “BB-“ rating assigned to ProCredit Bank in July. This decision followed the assignment by Fitch of “BB-”/stable Outlook to Georgia itself. At the same time Fitch Ratings upgraded ProCredit Bank’s individual rating to “D” from “D/E”. Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on support from shareholders or the state.



ProCredit bank receives the Straight-through processing Excellence Award from Deutsche Bank.

The Bank obtaines credit lines totaling USD 11 million from KfW and BSTDB to finance lending to small and very small enterprises.

On the basis of its research, the Swedish International Development Agency (SIDA) nominates ProCredit Bank as the organisation with the best gender balance in management positions.
The Bank receives an award for “The best foreign investment in Georgian banking system” from “Georgian Times”, a media holding company, and “Gorbi”, a market research firm.
A new outlet is opened in Sadakhlo.

ProCredit Bank receives a USD 5 million credit line from KfW.

The bank receives a USD 10 million credit line from BlueOrchard.

Three new branches were opened in Telavi, Khashuri, Rustavi and in Tbilisi on 16 Rustevli Ave. Three new branches of ProCredit Bank were opened with the financial assistance of BP and the partners. ProCredit Bank received a total of USD 750 000 on the provision of the Technical Assistance funds to speed up ProCredit Bank’s expansion in Khashuri, Rustavi and Telavi.

A branch is opened on Rustaveli Avenue in the center of Tbilisi.

Procedures for the collateral-free Express Micro Loans are simplified, and the maximum amount is increased to GEL 10 000 (USD 6 000).

Two additional branches are opened in Tbilisi.

Another branch is opened in Batumi.

ProCredit Holding increases the Bank’s authorised capital by GEL 9 million.

ProCredit Bank Georgia has a new General Manager Mr. Philipp Pott. The previous General Manager Mr. Philip Sigwart handed over his duties after a successful four years at the helm of the Bank and will continue his career as the General Manager of ProCredit Bank, Kosovo.

The bank receives a USD 3 million credit line from the Global Microfinance Facility.

The Kobuleti branch moves to a new, modern building.

Two outlets of ProCredit Bank were officially opened on September 8, 2006 in Batumi and Kobuleti. The newly opened outlets in Batumi and Kobuleti will offer high-quality service to private individuals and business owners in the area and, like the other main branches of ProCredit Bank, will serve customers in the evening hours until 7:30pm.

ProCredit Bank Georgia celebrates International Savings Day for the first time.

The company’s paid-in capital has been increased by EUR 74 million to a total of EUR 216 million. The additional equity will allow the Frankfurt-based holding company to significantly expand its operations in the field of commercial microfinance. Two new American investors joined the group of shareholders by purchasing non-voting preference shares with a total value of EUR 40.5 million. TIAA-CREF, a US financial services organisation and the Omidyar-Tufts Microfinance Fund, established in 2005 by a gift to Tufts University from Pierre and Pam Omidyar. “TIAA-CREF and Omidyar-Tufts Microfinance Fund are strong partners from the private sector who share our objectives: to promote economic development by supporting small businesses and at the same time to earn an adequate return on investments” – says Claus-Peter Zeitinger, Chairman of the Supervisory Board of ProCredit Holding.

Fitch Rating agency affirmed ProCredit Bank’s international rating. The Bank first earned a long-term foreign currency rating “B” last year, which was a serious accomplishment not only for the Bank but for the country as a whole. Fitch Ratings is a world leader in assigning ratings to leading financial institutions and companies worldwide. The reports produced by the company are considered as one of the most authoritative appraising the governance levels, development prospects and investment. In its press release, Fitch Ratings based its decision on “the broadening of the bank’s franchise and regional penetration, its sound capitalisation and its good risk management tools, enhanced by ProCredit Holding’s ongoing support and supervision.”

ProCredit Bank is awarded a Merchant Acquiring license by Visa International enabling the bank to install POS terminals for its clients. The service will be introduced in 2007.
Kutaisi branch was relocated into the new building. In order to expand its presence in Kutaisi, since last year, the Bank has committed GEL 1.5 million for the construction of a new central branch, which is so far the largest investment in the regions. The new branch will set new banking standards in Kutaisi and will bring the Bank even closer to its clients, thus reflecting its philosophy of highest quality services to small businesses and ordinary people in general. The branch will be equipped to highest European standards; as the other outlets in the city, the branch will be operating until 7:30pm to serve the customers in the evening hours, six days a week.

ProCredit Holding increases the bank’s authorised capital by GEL 9 million.

The bank receives a USD 5 million credit line from the Netherlands Development Finance Company (FMO).

The bank completes a GEL 5 million private bond issue that was purchased by the Bank of Georgia.


On December 9, one more branch is added to the ProCredit Bank branch network, in order to provide the best service and to be closer to the clients. Currently, the branch network of the Bank includes 24 branches and outlets in different parts of the country.

On November 7, the Bank received an upgrade of its international credit rating by two points, from “CCC+” to “B” from the Fitch Rating Agency. This is the highest rating currently possible in Georgia and is important not only for the bank, but is also a major milestone for Georgia, as the upgrade reflects Fitch’s assessment of the improving Economic climate in Georgia.

Starting from September, 2005, ProCredit Bank offers Tbilgazi, Tskalkanali and Telasi utility payments to Tbilisi citizens. The payment can be conducted by transferring money from current account and by paying it in cash.
Starting from September, 2005, for the first time in the banking system of Georgia, ProCredit Bank offers its customers a new product – Visa Electron and Visa Classic chip cards.

In May ProCredit Bank celebrates its 6th anniversary and opens renovated central branch and new outlet at the central market of the city.

In April ProCredit Bank opens two more branches at the central parts of the city, at Melikishvili and Gamsakhurdia ave.
ProCredit Bank continues its path of dynamic growth and on 14th February opens its 20th branch near Eliava market.
In January ProCredit bank has announced that its assets have exceeded USD 100 million at the end of year 2004. The growth is 65 %.

In January the major strategic shareholder of ProCredit Bank – IMI AG, who owns 39% of the shares, changed its name to ProCredit Holding AG. The idea of changing the name was to reflect its real role as a holding company for the whole banking group of ProCredit bank. Founded in 1998, is a commercial development – oriented investment company. It has so far taken equity stakes totaling EUR 40 million in ProCredit Bank in 18 countries. ProCredit Holding AG can be seen as the strategic investor in the ProCredit Group and as its administrative headquarters.  The company’s shareholders represent a 50:50 mix of private and public investors.

At the beginning of 2005 Black Sea Trading and Development Bank (BSTDB) has extended a USD 5 million credit line to ProCredit Bank. The credit line carries a tenor of two years and intends to finance sub-loans extended by Procredit Bank Georgia to micro, small and medium-sized enterprises in Georgia. The support BSTDB is giving though Procredit Bank Georgia will benefit multiple Georgian Micro, SMEs and delivers the much-needed medium-term financing to the Georgian market.




In December ProCredit Bank supported by the Association of Banks of Georgia organised a presentation about the advantages of Basel II for Georgian capital markets banks and clients. The main objective of this event was to discuss the Basel II recommendations like the decrease of required capital on retail loan portfolios, loan loss provisions on collateralised in arrear loans, and off-balance sheet transactions used by banks in Georgia to mitigate credit risk exposures.

In December ProCredit Bank introduces two cards of MasterCard payment system, Maestro and MasterCard Standard. Maestro is free of charge and withdrawals from the GEL account at ProCredit Bank ATM are free of charge.

In May the Bank celebrates its birthday. During 5 years of operation – ProCredit Bank disburses 38 455 loans totaling USD 185 million. With the Bank’s assistance up to 10 000 enterprises operate in Georgia, most of them representing medium and small-sized businesses, the spine of the Georgian economy.

In December ProCredit Bank offered new money transfer system Travelex, which gives an opportunity to the bank clients to transfer money in 10-15 minutes in almost all countries. Travelex system is very cheap; it costs USD 4 per USD 100.

According to the decision of shareholders, by the end of June the Bank capital increases again and reaches GEL 28 million.

In June ProCredit Bank participates in the exposition of financial institutions – Fin Expo, held for the first time in Georgia.

On September 29, the bank recieved “CCC+” credit rating from Fitch. In their evaluation of the bank, Fitch noted as positive factors strong support from shareholders, the Bank’s solid capitalisation, the quality of the management, the wide lending margins, and the good diversification of the loan portfolio and the recent reduction of dependency on the IFI funding due to growing customer funds.

ProCredit continues its regional expansion with opening of a new outlet in Kutaisi. In 2001 encouraged by positive experience bank opened its first outlet in the center of the Kutaisi and in September the bank announced the opening of another outlet in Kutaisi at 53 Chavchavadze street. The Bank hopes that this new outlet will be as successful as its predecessor branch and the outlet in Kutaisi.



According to the decision of shareholders, banks of 10 various countries are united in the one banking group. The Bank alters its name and logo, starting formation of its image with the ProCredit Bank name.

In order to support enterprises, interest rates on micro and small loans are decreased considerably and the loan disbursement procedure is simplified.

In summer the Bank establishes a new product "express-micro loan". The product becomes popular with representatives of small businesses, as it satisfies primary requirements: speed and simplicity.

Branch network is expanded in Tbilisi, as well as in regions. The Bank opens four more branches: Saburtalo, Didube, Khopa and Zugdidi.

From September till December the Bank conducts a promotion – “ProCredit Bank provides electricity to you.” Lucky depositots win generators.




The Bank opens 4 more branches in Georgia, namely in Gori, Marneuli, Batumi and Kobuleti.

In addition to Western Union and SWIFT, system of Anelik is added to money transfer systems.

Bank service tariffs decreases, resulting in a strong inflow of new customers.



In March the Bank opens a new branch in Batumi. At the end of the year MBG becomes one of the primary members of banking market of Adjara region, attracting more than 600 businesses.

The branch network is expanded intensively within the territory of Georgia. In the period of April-May the Bank opens branches in Gldani, Varketili, Station square, Vake districts and in the same year are opened outlets in Kutaisi and Poti.

To the shareholders of the Bank are added EBRD and one of the leading commercial banks of Germany – Commerzbank. This is an unprecedented case when the western commercial bank becomes a shareholder of a Georgian Bank.

Shareholders of the Bank increase authorised capital up to GEL 10 million, reason of which is the increase of the loan portfolio by 116%.

In December MBG conducts an act of charity, providing financial and material assistance to the Children’s home of Digomi district.



Bank ranks fifth by the volume of outstanding loan portfolio on the banking market of Georgia.

In April the Bank opens its first Branch in Kutaisi. Soon the Branch creates a comparably large credit portfolio with over 450 business loans disbursed totaling GEL 2.4 million.  Later in the year the Kutaisi Branch of the Bank is acknowledged as the best commercial institution in the region.

In September the bank opens another branch in Lilo, Tbilisi.  The strategic location of the Branch gives rise to a dynamic increase of the loan portfolio In less than 4 months the branch disburses over 245 business loans totaling GEL 2.1 million.

In December the Bank becomes member of the SWIFT system.

Later in the same year the bank introduces its first deposit products.



The Microfinance Bank of Georgia, JSC started operation on May the 13th. The idea for setting up the bank was to provide financial services to micro and small businesses in Georgia.

In the first year of operation the Bank attracts more than 2 000 clients.

At the end of the year the outstanding loan portfolio of the Bank reaches GEL 6.03 million.

Later in the same year  KfW  disburses  a loan to the Bank totaling DEM 3.54 million.

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