“Crystal” will continue to operate in the Georgian financial market as a microbank, having already obtained a relevant license from the National Bank of Georgia.
Receipt of a microbank license rightly confirms Crystal’s position as a strong, responsible, stable, transparent and reliable financial institution not only in Georgia, but also in the entire region. With its robust business processes, high profitability, solid reputation and values, the company fully complies with modern, European standards of financial sector, as evidenced by numerous international and local awards.
The company applied to the National Bank of Georgia for a microbank license at the end of 2023. The application was preceded by an intensive, complex and multifaceted process, so that Crystal could fully and effectively adapt to new legislation, regulations and the specifics of the entire banking sector with its products and processes, legal framework, digital technologies, internal organizational structure and risk management systems.
Crystal will shortly continue to operate in the Georgian financial market with a new status. Under the brand promise “Bank of your Opportunities,” the company will take significant steps to offer diversified products and digital solutions to existing and new customers, meantime putting special focus on the agricultural sector and micro entrepreneurs.
As key priority, the company will stay committed to customer-centric approach, flexible and innovative services, increased access to finances, knowledge, and technologies.
„This is a major success and is a sequel of the dynamic steps Crystal has been taking in recent years. I’d like to express my gratitude to the National Bank of Georgia, which played a crucial role in this process, to local and international partners and investors for their support, to our team above all, for the great work that accompanied the process, and definitely to our loyal customers – everyone who took part in this difficult and interesting journey of obtaining a license. We are proud to be serving Georgia with our activities spanning over 27 years, strengthening our economy with the belief that Georgia has always been, is and will be Europe!“, – says Ilia Revia Chief Executive Officer of Crystal.
The company stands out in the financial sector for its reputation as a reliable and responsible partner. Multiyear experience, expertise and new status, all serve to create additional incentives and opportunities for both existing and new customers.
Notably, after obtaining a microbank license, Crystal, which boasts of the best standards of corporate governance, will continue to uphold core principles of social responsibility.
The history of Crystal dates back to 1998, when internally displaced persons from Abkhazia founded a local non-profit organization – the Charity Humanitarian Center “Abkhazeti” and launched a pilot micro-lending program. The fund’s debt capital at that time was just $10,000. Over the course of almost 27 years, the organization has gone through a long journey, full of challenges and achievements.
Before obtaining a microbank license, the company operated in the Georgian financial market as a microfinance organization. Crystal meets the license with the loan portfolio of GEL 520 million, more than 1,000 members of staff in 48 branches and over 105,000 unique customers across the country.
