Press Releases

PROGRESS BANK OBTAINS BANKING LICENSE
ANNOUNCES LOCATION OF FIRST BRANCH

Tbilisi, Georgia – December 31, 2007 -- Kala Captial announced today that its company JSC Progress Bank has obtained its license for banking activity.

Progress Bank will focus on corporate, private and retail banking. The bank plans to open its first branch in the center of Tbilisi on Baratashvili Street. The company is pursuing real estate acquisitions to open a network of branch locations throughout the country.