Awards for Excellence 2009: Georgia

For banks in Georgia the big event over the past 12 months was not the financial crisis but the South Ossetia war between their government and the Russians last August. Against this unpropitious backdrop, Bank of Georgia continued to demonstrate its resilience, despite an almost 100% fall in profits in 2008. Revenues, for example, increased by 42.3%, and total assets by 10.3%. The bank was also able to raise funds in the international markets. It raised $443.7 million in long-term funding for instance.