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First CU opens in former USSRs Georgia
TBILISI, Georgia (4/5/11)--The global credit union movement has come to the country of Georgia. First Credit Union (FCU) was formed last week in Tbilisi, Georgia (finchannel.com April 4). The main advantage of FCU in Georgia over any other financial institution in the country is that members know where the money they deposit is going--primarily back out to other members in the form of loans, said in the article. The founders are former bankers. They say the credit union will fill a need in the Georgia financial services market, which previously consisted only of banks and micro-finance organizations. Because of the credit union’s cooperative structure, FCU members will have a relatively high interest rate on their deposited money, 17% annually which is 70% to75% higher than the average bank, said the article. Before the end of the year the credit union hopes to offers 12 new products at four branches in Tbilisi, expanding thereafter to other regions of Georgia. Mamuka Machavariani, head of FCU’s supervisory board, described the credit union as a financial institution where members not only control the money they invest, but that money is insured by law.


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