Foreign banks refrain to enter Georgian market

Azeri Tasha Bank planned to enter the Georgian market in spring of 2012. However, it delayed the opening of its major office in Tbilisi until the end of this year. The Armenian bank America also refrained and changed its plans to start functioning in Georgia. German Commerce Bank entered the Georgian market though it has not yet started operating. Analysts suggest that such moves are determined by instability in the country due to the upcoming elections.