Banking sector owns largest number of assets in Georgia
BAKU, Azerbaijan, Jan.25
By Tamilla Mammadova – Trend:
Georgia's banking sector owns the largest number of assets (93.26 percent) in the country's financial market as of 2019, according to Georgia's National Bank, Trend reports citing Georgian media.
According to experts, the growth of Georgian banking sector will continue due to a reduction in the share of microfinance organizations and pawnshops.
As of January 1, 2020, 15 banks with 970 branches and service centers are represented in the financial market of Georgia.
Also, 48 microfinance organizations with 204 branches, 844 currency shops, 17 insurance companies, 3 financial funds and a stock exchange operate in the financial market.
According to the National Bank of Georgia, in 2019 the share of the banking sector in the financial market amounted to 93.26 percent, which is 0.78 percent more than in 2018 (92.48 percent).
The share of microfinance organizations amounted to 3.45 percent, which is 0.62 percent less than in 2018 (4.07 percent).
The share of insurance companies in the financial market amounted to 1.75 percent, which is 0.2 percent higher than in 2018 (1.55 percent).
The share of pawnshops in 2019 did not change compared to 2018 and stood at 1.32 percent.
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