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Business Roundup

Prepared by Christina Tashkevich
Friday, April 25
Progress Bank team formed

Footballer Kakha Kaladze’s Progress Bank has completed its 3-month initial team formation. Konstantin Sulamanidze, who has worked in the Georgian banking sector for several years, will serve as deputy general director and chief operations officer.

Zviad Imedidze (chief accountant), Alexandre Makarashvili (treasurer), David Kuprashvili (IT), David Birman (marketing and PR), Akaki Kordzadze (financial analysis and reporting), Nugzar Dvali (lawyer) and Vakhtang Marshania (logistics) have also joined the bank’s team.

Progress Bank, which is wholly owned by Kala Capital Ltd., received a banking license in December 2007. The bank plans to serve its first clients in September 2008.

Bank of Georgia stuffs USD 1 million lottery award in Sighnaghi

On April 21 the Bank of Georgia transferred a USD 1 million lottery award to the Sighnaghi National Museum for safe-keeping.

The prize will be raffled off on December 30, 2008.

The museum is in a 19th century building equipped with modern security systems.

Money lovers can see the USD 1 million online at

More leading business organizations join ICC-Georgia

At its April 17 board meeting, ICC-Georgia welcomed several companies and business organizations as new members. The Georgian Bar Association and the Georgian Insurance Association joined the board of directors.

“With seven leading business organizations sitting on the board of ICC-Georgia, we have become today the most representative business body in the country,” said Fady Asly, chairman of the board.

ICC-Georgia unites on its board major players from the private sector, many of which chair its commissions:

-Arbitration Commission - Fady Asly, Agritechnics Holding

-Commercial Law and Practice - Kakha Aslanishvili, Georgian Bar Association

-Banking Commission - Giorgi Bagrationi , Association of Banks of Georgia

-Financial Services and Insurance - Devi Khechinashvili, Georgian Insurance Association

-Trade and Investment - Antoine Bardon, French Business Council

-Business and Society - Gilbert Hie, Bank Republic

-Anticorruption Commission - Archil Bakuradze, International Association of Business and Parliament

-Taxation Commission - Gia Bazgadze, Ernst and Young

Cop.Copine opens new shop in Tbilisi

French clothing brand Cop.Copine opened a new shop in Tbilisi on April 22. The brand came to Georgia in September 2007 with an outlet in the GTC trade center. This year, Cop.Copine opened another shop in Vake district.

ICC-Georgia hosts EU journalists, shares view on country’s economic development

The ICC-Georgia Board of Directors hosted a business lunch for a group of 16 European Union journalists on April 18 at Kopala.

The EU journalists were in Georgia to take a first-hand look at the country’s democratic and economic development, and survey the relevance of the European Neighbourhood Policy for Georgia.

The journalists wanted to meet with the Georgian business community. ICC-Georgia’s board, made up of prominent members of the country’s business community, offered itself as a perfect point of contact.

Crucial topics were covered at the lunch, including Georgia’s strong investment climate and prospects; the country’s progress since the Rose Revolution; relations with Russia; Georgian taxation issues; the country’s NATO membership bid and the events of November 2007.

The informed, active discussion gave the journalists a wide and sophisticated perspective on Georgia’s economic development.

Fady Asly, chairman of the board, raised the issue of international coverage of the events of November 2007, stating that some news media intentionally exaggerated the severity of events in their coverage.

The journalists, in Georgia from April 17–20, represented leading media outlets from Austria, Bulgaria, Cyprus, Denmark, Finland, Germany, Greece, Hungary, Italy, Lithuania, Malta, Poland, Portugal, Slovenia and Spain.