Draft:Cartu Bank

JSC “Cartu Bank” has been actively operating in the Georgian market for 30 years as a corporate bank. The mission of the bank has remained unchanged since its establishment and is to make substantial contribution to the strategic fields of Georgian economy.

The bank's service centers operating throughout Georgia actively participate in financing projects of national importance. This contributes to the bank's involvement in the country's social-economic development.

Cartu Bank, since its approval by the government, has also been involved in state programs such as "Produce in Georgia", "Preferential Agricultural Loans", and others.

The bank is distinguished by its individual approach focused on both clients and employees. Its team consists of highly qualified professionals who are constantly working to develop products and services tailored to customer needs. Cartu Bank continues its stable development. In the fall of 2024, its rating was reaffirmed by S&P Global Ratings - stable outlook, short-term and long-term credit rating B.

Since August 2024, Cartu Bank has been a member of the Banking Association of Central and Eastern Europe (BACEE), which creates an important prerequisite for deepening cooperation with international partners and developing new opportunities.

Bank’s history:

2025:

• From January 13, the Kutaisi Service Center moved to an office renovated with a new concept, at the address – Kutaisi, 41, I. Grishashvili str.
• From 27 January, Cartu Bank joined the Treasury Management System project initiated by the National Bank of Georgia. The Unified Treasury Management System platform will support efficiency of the banks’ treasuries, better management of operational and financial risks and significantly improve the operation of the local financial markets for a goal of higher investor trust and long-term economic growth.

2024:

• In August Cartu Bank JSC was admitted as a Regular Member of the Banking Association for Central and Eastern Europe (BACEE). The association comprises commercial banks headquartered in the European Union, Central and Eastern Europe, the Caucasus, and Central Asia. BACEE's mission is to promote stability and sustainable development within the financial sector of these regions, facilitate the exchange of expertise among member banks concerning financial products, and develop mutual strategies to address global updates and challenges.
• Since November, the bank has been involved in a project initiated by the Rural Development – Georgian Vegetables from Greenhouses.
• From December 25, the bank’s Vake Service Center was transformed into the Vake Division of the Central Service Center.

2023:

• On October 19, 2023, S&P Global Ratings revised the outlook on its long-term foreign and local currency ratings on Cartu Bank to positive from stable. At the same time, the "B/B" short- and long-term issuer credit ratings on the bank was affirmed.
• A new branch of Cartu Bank's Central Service Center was opened in November. Address: Tbilisi, Gudiashvili St. # 2, Hotel "Paragraph Tbilisi".
• From 27 November 2023, Cartu Bank implemented a new platform for international cross-border payments - Visa B2B Connect. Visa B2B Connect is a non-card-based modern, innovative, fast, and safe cross-border payment method, which allows corporate clients of Cartu Bank to transfer foreign currencies to recipient legal entities worldwide to 110 countries in minimal time when visiting service centers or via internet bank.

2022:

• On 19 October, as a result of survey conducted by S&P Global Rating, long term and short terms credit rating – B, “Stable Perspective” and “Country Ceiling” – BB was confirmed to Cartu Bank JSC.

2021:

• International Rating company S&P Global Rating granted Cartu Bank long term and short term credit rating - B, “Stable Perspective”, “Country Ceiling" rating – BB.
• Cartu Bank joined 2 new directions of the state program “Produce in Georgia” – “Business Universal” and “Subsidized Mortgage Loans”.

2020:

• The state program "Mortgage Support Mechanism" was actived.
• Cartu Bank got involved in a State program - Credit Guarantee Scheme.
• An e-commerce service contract was signed with Tera Bank JSC.
• The Bank became a full member of the International UnionPay system, with the right to issue and service cards.
• The Bank made it possible for the clients to post applications directly on the Bloomberg BMatch and RFQ platforms and trade at the currency market. Clients are able to order the Bank to post its currency transaction terms on the Bloomberg trading system (BMatch and RFQ platforms)
• Cartu Bank got involved in the Finance Ministry Primary Dealers pilot program. The bank, as the primary dealer of Georgia’s National securities market, offers its clients service of trading, custody and registration of the State securities both at the primary and secondary securities markets.

2019:

• For the purpose of professional advancement, the Bank’s AML and CTF department staff attended trainings staged by ACAMS (Association of Certified Anti-Money Laundering Specialists) and ATTF Luxemburg (Anti-Terrorism Task Force).
• A new XBRL accounting and reporting standard was introduced.
• The Bank issued new products: the Interest-bearing and Discount Deposit Certificates in GEL, USD and Euro.
• Cartu Bank started operating in the securities market, acquired bonds of 2 companies worth 5 M USD and 3 M GEL.
• A broadly known Standard & Poor’s rating company confirmed Cartu Bank’s current international rating - (B) stable development perspective.

2018:

• The Bank was equipped with extra software to control unusual and suspicious persons supplied by DOW JONES, the search engine provider.
• Based on IFRS 9 the financial instruments’ depreciation method was introduced.
• The backup server room design was completed, which made it possible for Cartu Bank to render independent service to the Visa and Mastercard holders, ATMs, and POS terminals, as well as e-commerce merchants.
• In January the touch-free plastic cards were introduced and by the end of the year, Bank's card business started operating totally on touch-free Visa and Mastercard plastic cards.
• Two premium Visa Infinite and Mastercard World Elite plastic cards were introduced.
• The international rating company -“Fitch” gave “Cartu Bank” the IDR (Issuer Default Rating) “B Stable Prospects” rating.
• At that time the granted rating of “S&P Global Ratings” company was ,,B Stable Development’’.

2017:

• In December, the Bank issued Visa and MasterCard touch-free cards with new design.
• In October 24/7 division of Batumi Service Center was opened in Paragraph Resort and Spa Shekvetili, Autograph Collection Hotel in the settlement of Shekvetili
• In September, Cartu Bank mobile bank application and mobile Digi pass were activated.
• On 3 August, as a result of its survey, “S&P Global Rating” granted “Cartu Bank” JSC “B/B Stable Development Issuer Credit Rating”.
• In June, Cartu Bank participated in the “Plant Your Tree” public campaign for restoration of Borjomi-Kharagauli National Park damaged by fire. Within the campaign 1000 your trees were planted.
• In June Cartu Bank opened training center for professional advancement of its staff.
• In May ბანკიქართუ.გე, the Georgian analogue of the cartubank.ge domain was created. It made it possible to access the Bank’s website in the Georgian language.
• On 1 May a new number for quicker mobile contact with the Bank - *8080 was introduced.
• In April, “Cartu Bank” was admitted to the Business Association of Georgia.
• On 9 January 2017, the Bank celebrated its 20th Anniversary.

2016:

• Another money transfer system - "Contact" was added to Cartu Bank money transfers.

2015:

• A new money transfer system "Zolotaya Korona" was added to the Cartu Bank’s money transfers
• Upon research on 30 September 2015, „Fitch“ International Rating Company granted Cartu Bank the IDR (Issuer default Rating) „B+ Stable Outlook” award.
• For its involvement in the state program “Produce in Georgia” and for the support to companies, Cartu Bank was conferred the Certificate of Gratitude by the Georgian Employers Association and Entrepreneurship Development Agency.
• For funding short-term financial needs of its corporate clients, Cartu Bank offered them the VISA/MasterCard credit business cards.

2014:

• Cartu Bank was involved in the State “Preferential Agro Loan” and “Produce in Georgia” projects.
• Cartu Bank introduced MasterCard Secure Code top security standard.

2012:

• The American magazine "Global Finance" recognized Cartu Bank as the best e-commerce bank.

2011:

• First in the South Caucasus and one of the first in Eastern Europe, Cartu Bank introduced the Verified by Visa (VBV) top security standard.
• Cartu Bank Isani Service Center was opened.

2008-2009:

• Saburtalo, Gori and Telavi Service Centers were opened.
• An agreement on allocation of 5 m USD short-term revolving credit line from January 2008 was reached with the Black Sea Trade and Development Bank (BSTDB). Within the framework of the said agreement a contract was signed on allotment of a 1.5 m USD credit line for funding trade operations.

2007:

• Within the project financially support by the World Bank, International Development Association (IDA) and International Fund for Agricultural Development (IFAD) signed a contract with the Finance Ministry of Georgia. Under this contract, 2.5 m USD credit line was approved for funding the agricultural projects by the JSC Cartu Bank.

2006:

• Cartu Bank Vake Service Center was opend in Tbilisi.
• Cartu Bank and European Bank for Reconstruction and Development (EBRD) signed a contract on guarantee facility to support trade funding.
• Cartu Bank launches express money order service via Money Express, Anelik and Unistream systems.
• Cartu Bank introduced the SMS Service.
• Cartu Bank was granted MasterCard e-commerce license.

2005:

• Cartu Bank was granted VISA International e-commerce license.
• Cartu Bank introduced Internet banking remote service.

2004:

• Cartu Bank branch was opened in Batumu Sea Port.
• Together with its partner banks, Cartu Bank introduced a new product - "Bystraya pochta" (Express Post) - money transfer system to Russia and the CIS states (Azerbaijan, Armenia, Ukraine, Kazakhstan, Kirgizstan, Tajikistan, Uzbekistan, Moldova, Belorus).
• Upon certification, JSC Cartu Bank was granted the right to service payments by MasterCard plastic cards at outlets and service centers in Georgia. By that time, Cartu Bank was the only one at the local market to provide service of issuing international VISA, MasterCard, American Express and Diners Club plastic cards.

2003:

• Cartu Bank was granted the right to service American Express and Diners Club cards.
• At the business rating annual ceremony held by the Georgian Times Publishing House, JSC Cartu Bank was declared as the winner in “The Best Company/Business of the Year” nomination and, also, was awarded the prise in “Stable Progress and Dynamism”.

2001-2002:

• Cartu Bank purchased a part of “Absolute” JSC CB assets and liabilities and became full package holder of the card business and the owner of a processing center.
• Cartu Bank became a major member of Visa and MasterCard-International payments system.
• o JSC Cartu Bank and its CEO were nominated among Georgia’s twenty-one top private companies in the Georgian Times publishing house regular business rating.

In 1996 JSC Rosiisky Credit-Cartu Commercial Bank was established, in 1998 it was renamed and became JSC “Cartu Bank”.

Ownership and Management: The owner of 100% of the bank's shares is the A(A)I Charitable Foundation "Cartu". The CEO of the bank is Mr. Zurab Gelenidze, and the Chairman of the Supervisory Board is Mrs. Nato Khaindarava.