We are interested in Bank of Georgia's duopoly market position in the country. There are two major players, and it seems fairly stable. We are trying to understand more about the competition between the two. Is there a cap on how much more they can grow? Does the central bank impose limits, preventing them from growing further or acquiring others? We are looking to understand the competition here first.

In Georgia, the main banks are the Bank of Georgia and TBC. When we talk about competition, we consider key factors like market share, loan shares in the market, retail and B2B segments, and deposit shares. There is usually no significant difference between them, sometimes just 2% to 3%. For instance, it might be 51 to 49, or 48 to 52. Sometimes TBC leads, and other times it is the Bank of Georgia.