Georgia, Tbilisi, Sept. 7 / Trend N. Kirtskhalia /
The Georgian banking sector lost nothing after HSBC ceased its activity in Georgia, the Georgian Association of Banks said.
The reason is the global strategy.
"HSBC was to provide serious competition to major players on the local market," Chairman Zurab Gvasalia said. "Big investments were required for this."
Gvasalia said the bank is likely to understand that it will be difficult to compete in Georgia. However, he thinks that HSBC's leaving does not mean that Georgia has bad investment environment. The bank ceases its activity in Poland because of the global strategy.