Identifier
Created
Classification
Origin
09TBILISI1599
2009-08-25 12:12:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Tbilisi
Cable title:
OPIC FINANCING FOR JSC BASISBANK PROJECT
how-toVZCZCXRO0491 RR RUEHAG RUEHAST RUEHDA RUEHDBU RUEHDF RUEHFL RUEHIK RUEHKW RUEHLA RUEHLN RUEHLZ RUEHNP RUEHPOD RUEHROV RUEHSK RUEHSL RUEHSR RUEHVK RUEHYG DE RUEHSI #1599 2371212 ZNR UUUUU ZZH R 251212Z AUG 09 FM AMEMBASSY TBILISI TO RUEHC/SECSTATE WASHDC 2098 INFO RUEHZL/EUROPEAN POLITICAL COLLECTIVE
UNCLAS TBILISI 001599
DEPT FOR EUR/CARC, EEB
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: EINV EFIN GG
SUBJECT: OPIC FINANCING FOR JSC BASISBANK PROJECT
REF: STATE 80984
UNCLAS TBILISI 001599
DEPT FOR EUR/CARC, EEB
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: EINV EFIN GG
SUBJECT: OPIC FINANCING FOR JSC BASISBANK PROJECT
REF: STATE 80984
1. Summary: Per reftel, Post's inquiries did reveal any derogatory
information about JSC BasisBank that would inhibit OPIC financing to
the project. End Summary.
2. JSC BasisBank has a strong, credible reputation among Georgian
banks. Former Prime Minister of Georgia Lado Gurgenidze, while
serving as head of Georgia's leading bank - Bank of Georgia
commented to Embassy officials that out of Georgia's existing banks
he would love to acquire BasisBank as it was "clean, neat and
well-managed."
3. Post uncovered no information to question the financial stability
of BasisBank. Recently BasisBank along with two other Georgian
banks (VTB and Peoples Bank) won a government tender to issue cheap,
government supported credits for SME development.
4. Post uncovered no information that Basisbank has any link to
corruption, money laundering or terrorism. The majority of the
private shareholders in the bank are friends connected to each-other
through graduate study at Moscow State University. Additionally,
Post is unaware of any government connections.
5. BasisBank has been very careful in its credit policy, avoiding
risky lending especially in the construction and residential
mortgage sectors. The bank does not accept residential houses or
apartments under construction as collateral, and its existing
residential mortgage portfolio is considered stable.
TEFFT
DEPT FOR EUR/CARC, EEB
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: EINV EFIN GG
SUBJECT: OPIC FINANCING FOR JSC BASISBANK PROJECT
REF: STATE 80984
1. Summary: Per reftel, Post's inquiries did reveal any derogatory
information about JSC BasisBank that would inhibit OPIC financing to
the project. End Summary.
2. JSC BasisBank has a strong, credible reputation among Georgian
banks. Former Prime Minister of Georgia Lado Gurgenidze, while
serving as head of Georgia's leading bank - Bank of Georgia
commented to Embassy officials that out of Georgia's existing banks
he would love to acquire BasisBank as it was "clean, neat and
well-managed."
3. Post uncovered no information to question the financial stability
of BasisBank. Recently BasisBank along with two other Georgian
banks (VTB and Peoples Bank) won a government tender to issue cheap,
government supported credits for SME development.
4. Post uncovered no information that Basisbank has any link to
corruption, money laundering or terrorism. The majority of the
private shareholders in the bank are friends connected to each-other
through graduate study at Moscow State University. Additionally,
Post is unaware of any government connections.
5. BasisBank has been very careful in its credit policy, avoiding
risky lending especially in the construction and residential
mortgage sectors. The bank does not accept residential houses or
apartments under construction as collateral, and its existing
residential mortgage portfolio is considered stable.
TEFFT