OPIC Commits $15 mln Loan to JSC Liberty Bank

The Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, has signed a Commitment Letter to provide $15 mln in financing to JSC Liberty Bank. The financing will be used to upgrade Liberty Bank’s infrastructure, including the roll-out of approximately 500 state-of-the-art ATMs. This project is part of Liberty Bank’s ongoing strategy to become a leading full-service Bank in Georgia.

Following the change of ownership in Liberty Bank in 2017, the new management has embarked on an aggressive business transformation strategy. Key pillars of Liberty Bank’s new targets include:

• Investing in the training of people to provide the best possible client services;

• Promoting a customer focused business model to improve retail, MSME and Corporate customer needs;

• Building strong international partnerships to promote best business practices in Georgia.

The new management believes that Liberty Bank is well positioned to promote financial inclusion across the country, given its unparalleled coverage of Georgia that extends to even the most remote locations of the country.

“We are delighted to have an opportunity to work with Overseas Private Investment Corporation,” said Levan Lekishvili, acting CEO of Liberty Bank. “This is a major milestone in the development of Liberty Bank and a very strong incentive for the management team to deliver on our stated business objectives. Roll out of these ATMs will give our customers access to digital banking experience to address their daily banking needs on 24/7 basis, 365 days a year.”

“I thank OPIC for the confidence it has shown in Liberty Bank,” said Irakli Rukhadze, Chairman of the Board of Liberty Bank. “I also thank our management team for the effort they have exerted towards making this transaction a success. The successful implementation of this project will greatly contribute to the continuing development of modern and competitive financial systems in Georgia.”

"OPIC is proud to partner with Liberty Bank to advance financial inclusion in Georgia,” noted Kenneth Angell, OPIC Managing Director. “By supporting the expansion of important financial infrastructure, OPIC’s loan will help make formal financial services more accessible for SMEs and underbanked populations.”

The signing ceremony was attended by Chargé d'affaires Elizabeth Rood, which highlights the continued support of the Government of the United States for Georgia’s economic growth.