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HSBC Left Georgian Market Due To Unfriendly Attitude - Gaioz Sanadze

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  • HSBC Left Georgian Market Due To Unfriendly Attitude - Gaioz Sanadze

    HSBC LEFT GEORGIAN MARKET DUE TO UNFRIENDLY ATTITUDE - GAIOZ SANADZE

    NEWS.AM
    June 29, 2012 | 16:13

    HSBC bank's leaving the Georgian marker is most likely conditioned by
    unfriendly attitude of the regulator (central bank) and the Georgian
    government, Georgia's Central Securities Depository General Director
    Gaioz Sanadze told Armenian News-NEWS.am correspondent.

    Sanadze was a participant of the joint discussions on Armenian-Georgian
    financial markets being held in Armenia's Dilijan city.

    "They used to work under different conditions, while this time it was
    decided to protect the national structure, and not an international
    organization which has entered the Georgian market. Probably they were
    offended not getting the opportunities and support that is given to
    local banks," he said.

    Sanadze considers in any case withdrawal of HSBC had to be an issue
    of concern for the Georgian central bank.

    After a three-year work in Georgia, HSBC announced it is leaving the
    market in 2011. Many Georgian analysts have linked it to the Armenian
    origin of one of the owners of HSBC Georgia (30% of the shares owned
    by the Armenian Diaspora businessman Vache Manukyan).

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