NBG Governor: China cooperation will diversify Georgia's financial sector, benefit consumers

Deepening financial ties, facilitating information exchange, and strengthening banking sector cooperation between Georgia and China were discussed on Saturday in a meeting between Natia Turnava, the Governor of the National Bank of Georgia, and Pan Gongsheng, the Governor of the People's Bank of China.

The visit resulted in the signing of a Memorandum of Understanding to formalise collaboration in key financial areas.

The agreement aims to strengthen cooperation in addressing global financial challenges, mitigating systemic risks, promoting trade and business relations between the two countries, and ensuring financial stability.

The National Bank of Georgia delegation also held discussions with executives from China’s largest banks, including the Industrial and Commercial Bank of China (ICBC), the Bank of China (BOC), and the China Construction Bank (CCB).

The Bank of China operates in 64 countries with total assets of approximately $4.6 trillion, while ICBC, the world’s largest bank by assets, operates in 49 countries with over $6 trillion in assets.

The meetings aimed to expand transaction capabilities, enhance correspondent banking relationships, and provide greater access to financial products for Georgian businesses and consumers.

Following the meetings, Turnava emphasised that successful cooperation with the Chinese banking sector presents an exceptional opportunity for Georgia's financial sector.

Following the meetings, Turnava said that successful cooperation with the Chinese banking sector presented an extraordinary opportunity for the Georgian banking sector to access China's vast financial market, expand the scope of transactions, and strengthen correspondent relationships with Chinese banks.

“Moreover, this collaboration will help diversify Georgia’s financial sector, providing our citizens with greater access to various financial products and services”, Turnava concluded.