Georgia
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BANKING

Georgia

Best bank:
Bank of Georgia

After winning this award in 2006 and 2007, Bank of Georgia continues to affirm its position as Georgia’s leading financial institution with yet another year of stellar performance. Deposits grew 142.2% to $851.6 million, and outstanding mortgages rose 103.5% to 4,230, an increase in the value of those mortgages of 187.2%, to nearly $150 million. In the retail division, revenue per employee rose by a half.

But Bank of Georgia is beginning to expand into other markets. The purchase of the Universal Bank of Development and Partnership, a mid-sized Ukranian institution, shows the bank’s ambitions to expand abroad. The deal, for $81.7

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