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12 Best Banks in Georgia for 2023

Everyone, regardless of where they live, needs proper and reliable banks to manage their finances in today’s world. Due to the sensitivity of financial affairs management, choosing the right bank is also very important. Georgia has made significant progress in the banking sector. The country has several banks, each of which has its own unique characteristics and offers different benefits. As a result, helping you to make the right, wise and informed decision in this matter is the topic that we are going to discuss next. Let’s get to know the banks in Georgia:

Banking system in Georgia

The banking system in Georgia is private because most of the banks in Georgia are under the control of the private sector. The central bank, which is responsible for printing banknotes, determining the exchange rate and reviewing the practices of private banks, is the National Bank of Georgia. Also, all private banks must apply for the licenses they need through the National Bank. Because the National Bank regulates all the financial policies of Georgia.

In addition, in the banking system of Georgia, the concepts of checks and drafts are not defined. Besides, bank fees are high in Georgia. So, the amount of annual interest for deposit accounts is 4% and this amount for term accounts is 13%. Since, if you are looking to invest in Georgia, you should familiarize yourself with the banking laws in Georgia. Banks in Georgia have good relations with foreign banks, and currency transfers are carried out between the banks of the countries.

In this sense, banks in Georgia have direct monetary relations with many countries. These countries include Russia, Ukraine, Canada, America, Armenia, Turkey, Azerbaijan and several countries that are members of the European Union. Even branches of foreign banks can be opened in this country with the approval of the National Bank of Georgia. On the other hand, Georgia has a fixed income tax rate, this rate is 15.00% for corporate income and 20.00% for personal income. This amount shows the low tax rate in Georgia compared to other European Union countries.

Bank Cash 12 Best Banks in Georgia for 2023

Creating a bank account in Georgia

In addition to all institutions resident in Georgia that can open any account nationally, non-resident institutions can also transfer any foreign currency in this country. In Georgian banks, account opening for resident citizens is done online, but non-residents must go to the bank branch of their choice to open an account. However, after opening an account, everyone can access their account through online banking services.

Further, people can open their account in lari or foreign currencies. The most common foreign currencies are EUR, USD, GBP, RUB, and TRY. Also, most banks in Georgia can connect to SWIFT for their international money transfers. And most of the common payment cards in this country are Visa and MasterCard. Finally, Georgian banks have the ability to provide support in two languages: English, Georgian, Russian and Turkish.

12 of the best banks in Georgia in 2023

Currently, 25 banks are operating in Georgia. In the following, we introduce 12 Georgian banks that are among the best banks in 2023 in this country. Let’s see:

1. JSC “Bank of Georgia”

Founded in 1903, this Georgia-based bank offers a wide range of services in retail banking, corporate and investment banking, commercial, and wealth and asset management. Most of the clients of this bank are companies and legal entities. Also, this bank is the first largest bank in Georgia in terms of total assets.

2. JSC “TBC Bank”

The second ranked bank in Georgia is TBC Bank, which was established in 1992. This modern bank offers services in the field of retail and commercial banking to its customers, who are both private individuals and companies.

3. JSC “Liberty Bank”

The name Liberty of this bank dates back to 1994. When its predecessor was “AgroMaret Bank”. Liberty Bank is a bank that provides retail, commercial and private banking services to companies and private customers. 

4. JSC “Basis Bank”

In 1993, a group of private individuals established this bank. Additionally, in 2012, the Chinese Hualing Group became the major shareholder of this bank. The reason for this was the strengthening of economic cooperation between China and Georgia and the promotion of this bank’s projects. Moreover, Basis bank offers a wide range of banking services in the field of retail and commercial banking.

5. JSC “Credo Bank”

Another top bank in Georgia is Credo Bank, which was established in 2017. This relatively new bank has made many innovations in the field of providing sustainable financial services in the commercial and retail sector to customers. The clients of this bank are natural persons, businesses and SMEs.

6. JSC “ProCredit Bank”

In fact, JSC “ProCredit Bank” is a member of the ProCredit Group. The headquarters of this financial group is located in Germany and it has established active banks in 13 developing countries located in Eastern Europe and Latin America. This bank is responsible for providing loan services to small and medium companies. This bank also provides commercial banking services to individuals and companies.

7. JSC “Cartu Bank”

 The seventh largest bank in Georgia was established in 1996.  The initial name of this bank was JSC Rossiyskiy Credit-Cartu Commercial Bank, which was changed to Cartu Bank in 1998.  Karto Bank’s services include retail, corporate and commercial banking.  Its customers are also legal entities and companies.  Indeed, this bank has greatly contributed to the economic growth of Georgia and the development of jobs in this country.

8. JSC “Tera Bank”

The eighth bank in Georgia is Tera Bank, which was established in 1999 and its country of origin is now Dubai. This bank is active in various fields such as tourism industry, construction, real estate, development, production, management, production, banking. Also, this bank offers a wide range of services in the field of retail and commercial banking for its customers who are commercial companies and natural persons.

9. JSC “Halyk Bank Georgia”

Halyk Bank of Georgia is the ninth bank in the list of banks in this country, which was established in 2008. This bank, in fact, is one of the companies of JSC People’s Bank of Kazakhstan. The services provided by this bank are commercial and retail banking provided to companies and individuals.

10. JSC “PASHA Bank Georgia”

Pasha Bank is, in fact, a financial institution based in Baku and has been operating in Georgia since 2013. But this bank operates in Azerbaijan, Georgia and Türkiye. Pasha Bank provides various services in the field of investment, corporate and retail banking to companies, SMEs, and individuals. Besides, it provides all types of deposits to individuals.

11. JSC “Isbank Georgia”

The origin of this bank is Turkey, which was established in 1924 in Georgia. The services provided by this bank are private, corporate and retail. The customers of this bank, like most banks in this country, are real people and companies.

12. JSC “Ziraat Bank Georgia”

The twelfth bank on this list is Ziraat Bank, which has the same origins as Isbank Georgia, Turkey, but is established in Georgia. The services of this bank are also in the field of retail, corporate, private and investment banking. Furthermore, this bank provides services to both domestic and international customers, both natural and legal entities.

Top banks in Georgia

According to the reports made in 2022, the net profit obtained by banks operating in Georgia is 1.97 billion GEL. A significant amount of this financial sector, nearly 88%, is related to the top three banks in Georgia. These three banks are TBC Bank, Georgia Bank, and Liberty Bank, which have net profits of 933.6, 825.5, and 60.5 million lari, respectively.

Other top banks in Georgia are Baye Bank with 52.2 million GEL net profit, Pro Credit Bank with 44.5 million GEL net profit, Karto Bank with 34.7 million GEL and Terra Bank with 32.9 million GEL. On the other hand, three banks in Georgia have had financial losses. These banks include Pasha Bank with a loss of 2 million lari, Bank Abrisham with a loss of 2.7 million lari and VTB Bank with a loss of 72.6 million lari.

International banks in Georgia

There are many international banks in Georgia, which can provide services to non-residents of Georgia. Most of these international banks provide services in the field of retail banking and commercial banking. Others also provide services in the field of wealth management, private banking, corporate banking and investment. Below you can see all international banks in Georgia:

numberBANK NAMECountry of OriginServices
1JSC “Bank of Georgia”United KingdomRetail banking
Business banking
Corporate and Investment banking
Asset management
Wealth management
2JSC “Basis Bank”ChinaRetail banking
Business banking
3JSC “Cartu Bank”GeorgiaRetail banking
Business banking
Corporate banking
4JSC “Credo Bank”GeorgiaRetail banking
Business banking
5JSC “Halyk Bank Georgia”KazakhstanRetail banking
Business banking
6JSC “Isbank Georgia”TurkeyRetail banking
Business banking
7JSC “Liberty Bank”NetherlandsRetail banking
Private banking
Business banking
8JSC ” PASHA Bank Georgia”AzerbaijanCorporate and Investment banking
Retail banking
9JSC “ProCredit Bank”GermanyRetail banking
Business banking
10JSC “Silk Road Bank”GeorgiaCorporate banking
Retail banking
11JSC “TBC Bank”GeorgiaRetail banking
Business banking
12JSC “Tera Bank”United Arab EmiratesRetail banking
Business banking
13JSC “Ziraat Bank Georgia”TurkeyRetail banking
Corporate banking

Last word

In order to make a successful investment and proper financial management, it is better to get to know the banks of your desired country. Here, we looked at 12 of the best banks in Georgia. We have known the top banks in Georgia and the international banks of this country. These banks were only a part of all active banks in Georgia that can provide various financial services in various fields to their customers. Therefore, you need to know the banks before any type of financial and investment services to make a better choice.

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