State Street has added Georgia, the Southwest Asian country, to its global custody network and appointed Bank of Georgia as its sub-custodian.
The Bank of Georgia is the biggest Georgian bank, with a 36% market share of total assets, a 36% market share of total loans and a 34% market share of client deposits, as of June 30, according to the bank. It offers corporate banking services, wealth management, brokerage and insurance in addition to retail banking.
State Street continually evaluates emerging markets to add to its global custody network based on the evolving needs of our clients, Alicia Curran, a State Street spokesperson, told Global Custodian. We appoint sub-custodians that can meet our service requirements in market environments that can accommodate the needs of non-resident investors.
Irakli Gilauri, CEO of Bank of Georgia, said in a statement: We are delighted to have formed this partnership with State Street Bank and Trust Company, which will allow international funds and our wealth management clients to broaden their respective exposures to Georgian securities, including high-yield local currency Treasuries issued by the Georgian Ministry of Finance.
Bank of Georgias credit ratings are B/B (Standard & Poors); B+/B (Fitch); and B1/NP FC and Ba3/NP LC (Moodys).
(CG)