JSC CREDO BANK
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
JSC Credo Bank (hereafter: the Bank) is a Georgian bank, which operates under a banking license since March 2017. The bank serves approximately 355,000 customers and has a loan portfolio of around USD 700 million per Q32023. It has a wide regional outreach via more than 80 branches and specialized products serving the needs of Georgian MSME businesses, most of them are active in agriculture and rural areas.
What is our funding objective?
The Bank needs additional funds to support its growth. Due to the de-dollarization measures taken by the National Bank of Georgia, the Bank needs Georgian Lari ("GEL") funding, which can be provided by FMO.
Why do we fund this investment?
The Bank needs long-term financing in local currency, which is still scarce in Georgia. The proceeds of the facility will be used to further grow Credo Bank's rural, agri, women and youth (M)SME portfolio.
What is the Environmental and Social categorization rationale?
The project has been categorized as E&S category C in accordance with FMO’s Sustainability Policy. The project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the project, JSC Credo Bank will be required to apply the EDFI Exclusion List and Georgia’s E&S laws and regulations.
More investments
| Date | Total FMO financing |
|---|---|
| 6/16/2022 | GEL 100.00 MLN |
| 4/7/2020 | USD 10.00 MLN |
| 3/12/2024 | GEL 26.00 MLN |
| 1/14/2020 | EUR 0.07 MLN |
| 5/1/2023 | USD 20.00 MLN |
| 6/26/2018 | USD 10.00 MLN |
- Website customer/investment
- https://credo.ge/en/
- Region
- Europe & Central Asia
- Country
- Georgia
- Sector
- Financial Institutions
- Publication date
- 3/14/2024
- Effective date
- 6/12/2024
- Total FMO financing
- USD 37.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C