Strong Bank For Stronger Georgia

Strong Bank For Stronger Georgia

The FINANCIAL -- “Cartu Bank” JSC was founded on 1 November 1996 and on 9 January 1997 obtained banking license from National Bank of Georgia. 

As of 31 March 2018, the Bank's total assets amount to 1.1 bn GEL, while its regulatory capital makes up 437,2 M GEL.

From the very beginning, it has been a high-profile Bank due to its deferential attitude to its clients, namely by holding out prospects of stability.

The Bank focuses on improvement of the available products, services and procedures and, also, creation of the new ones.

In its subsidiaries: "Cartu Insurance" JSC and "Cartu Broker" LTD "Cartu Bank" holds 89.13% and 100% shares (respectively).

In 2001, “Cartu Bank” JSC became the majority stock holder of the VisaCard business and the owner of a processing center.

On 21 April 2001, “Cartu Bank” commissioned its first service center in the Tbilisi Mtatsminda district and 9 others are now operating across the country.

In 2004, the Bank became a full member of the MasterCard international payment system with the right to operate the card package. Care for robustness of the system and its development have been Cartu’s chief priorities as made evident by the fact that in 2011-2013, “Cartu Bank” was the first in the Trans-Caucasus and one of the frontrunners in Eastern Europe in terms of introduction of Verified by Visa and MasterCard Secure Code, the top Internet transaction security standard. In 2006, Cartu, the first in Georgia was granted the e-commerce and processing licenses in the VisaCard and MasterCard international payment systems and is still the market leader.

In 2012, as a result of the Global Finance international magazine survey, “Cartu Bank” was nominated “The Best E-Commerce Bank” and remains successful in the field.

Looking for development, the Bank’s hi-tech processing center operating with the state-of-the-art software is up to the new challenges.

Over the last two decades, the Bank has gone through important stages as a commercial institution not infrequently affected by the political developments. Falling into disfavor of the country’s former rulers, in 2011-2012, the Bank suffered significant losses, which understandingly adversely affected its financial standing. However, since 2013, it has regained ground. It should be said that it was owing to its sole shareholder and the public that the Bank got through the hard times.

Quite a few industries in Georgia have been put back on track due to “Cartu” support, so much so to substitute import with export, a prevailing trend both in terms of the Bank portfolio and the Georgian economy at large. It should be said that quite recently the import and import-related loans prevailed in the Bank portfolio. Meanwhile, today, with its 20% share trade holds the fourth position in the Bank portfolio, with production – 27%, service – 22% and real property and construction - 21% being among the top three. The remaining 10% of the loans are distributed between agriculture etc. industries. “Cartu Bank” JSC is steadfast to its sustainable development strategy of support to the business, namely the medium and large businesses and by doing so contributing to the national economy.

Crediting is a “Cartu” priority: 2017 marked the hike of its number of its medium and large customers:

• the credit portfolio expanded to over 819 M GEL;

• at the reporting period end, the average weighted profitability index of the credit portfolio was the annual 9.56%.

In the same year, the Bank offered its clients the credit programs below:

• import-substituting production crediting program;

• network business development program;

• small and medium-size business crediting program;

• the export-import operation support program.

The Bank’s mission is funding the fields beneficial to business growth, development and advancement of the national economy. To this end, since 20 March 2013, it has been closely involved in the State-initiated projects, such “Preferential Agro-credit” and “Produce in Georgia” within the frameworks of which it offers the customer-specific credit products.

• “Preferential Agro-credit” program results:

o in 2017, “Cartu Bank” funded 14 projects by 14,3 M GEL loans;

o the total portfolio of the program as of 31.12.2017 was 42.0 M GEL.

• “Produce in Georgia” program results:

o in 2017, “Cartu Bank” funded 7 projects by 3.7 M GEL loans;

o the total portfolio of the program as of 31.12.2017 was 18.1 M GEL.

In 2015, the Bank’s strong support to the programs above was highlighted by the Certificate of Gratitude issued by the Entrepreneurship Development Agency.

“Cartu Bank” JSC regularly diversifies its portfolio in terms of fields and regions.

,,Cartu Bank’’ JSC funds the projects vital to development of the national economy, local production and import substitution.

In 2017, the Bank celebrated its 20-th anniversary. Over the last two decades, the “Cartu Bank” staff of professionals has been true to their aspiration to see Georgia a well advanced State.