On February 28, 2022, the JSC “VTB Bank Georgia” and JSC “BasisBank” have concluded agreement “On Active and Passive Assets”, subject of which is deposit and loan portfolio of the JSC “VTB Bank”, also transfer of existing and card accounts to the JSC “Basis Bank”.
The agreement between the banks was carried out in coordination with the National Bank of Georgia. In order to avoid product accessibility issues, the products, and services of JSC “VTB Bank Georgia” were migrated to the JSC “BasisBank” within the shortest terms possible.
Information on Transfer of Loan Portfolio of JSC “VTB Bank Georgia” to JSC “BasisBank”
Based on the agreement “On Active and Passive Assets” concluded between the JSC “VTB Bank Georgia” and JSC “Basis Bank” on February 28, 2022, the claim was transferred in favor of JSC “Basis Bank”. As a result of the above-mentioned deal, part of the credit portfolio, including credit product use/service-related agreements between the JSC “VTB Bank Georgia” and the customers, along with all rights and liabilities, and securities have been transferred to JSC “Basis Bank”, and accordingly JSC “VTB Bank Georgia” was replaced by the JSC “Basis Bank” in all credit relations.
Grounds for Agreement between Two Banks
Ground for agreement between the parties was Articles 198-207 of the Civil Code of Georgia, according to which, the creditor is entitled to transfer the claim to the third party based on the agreement concluded between two parties. In case of transfer of the claim, the initial creditor is substituted/replaced by the new creditor, and the customer is accordingly informed about the fact.
What has Changed for the Customers?
Following the transfer of claim relationship conditions remained unchanged, all active credit agreements remain unchanged, except for the fact that credit liabilities shall be fulfilled not in relation with the JSC “VTB Bank”, but in favor of JSC “BasisBank”, in accordance with terms defined under the contract agreement. The JSC “VTB Bank” has no rights or claims in regards with these credit relationships.
Have Pawn Loan Products of the JSC “VTB Bank Georgia” been also Transferred to the JSC “BasisBank”?
Only the vehicle pawn shop has been transferred to the JSC “BasisBank” (auto loan type of pawn loans).
What will be the Terms of Service in Case of Request of a New Loan Product?
In case of request of new loan products services will be offered in accordance with conditions available at the JSC “BasisBank”.
How to Receive Cashback Defined under Loan Liabilities/V-Card Agreement?
Starting from March 1st, 2022, the JSC “Basis Bank” will start issuing cashback defined under the V-Card credit card contract agreement. The cashback will be calculated based on the identical conditions and cashback will be transferred to the customer’s account every following month. Information regarding the amount of the cashback and transfer will be provided to the customer by SMS notification.
Who shall I Address to Remove Mortgage In case of Fully Covered Loan Migrated from the JSC “VTB Bank Georgia” to the JSC “BasisBank”?
After full coverage of the obligations transferred from the JSC “VTB Bank Georgia” to the JSC “BasisBank” in order to remove mortgage the customer shall contact JSC “BasisBank” to initiate relevant procedures.
If the Customer was Using V-Card Credit Card at the JSC “VTB Bank Georgia”, will the Customer be Provided with New Card After Transferring to the JSC “BasisBank”?
If the customer was using the V-Card at the JSC “VTB Bank Georgia”, then this card will be replaced with new card for the transition period following the migration to the JSC “BasisBank”. Clients who have not received new credit card can visit service centers and immediately receive instant card on identical terms.
The JSC “Basis Bank” will gradually replace the V-Cards and provide clients with information on card preparation and location via SMS notifications.
Will V-Card/Overdraft Terms Remain Unchanged?
V Card/Overdraft terms defined under the agreement remain unchanged.
Are V-Card/Overdraft Billing/Payment Dates Same?
V-Card billing/payment dates remain unchanged under JSC “BasisBank”. Terms defined at the JSC “VTB Bank Georgia” will be preserved. In case of official holidays and weekends, the date will be transferred to the following business day.
Will the Minimum Amount Payable for the V-Card/Overdraft be Automatically Transferred from Other Account?
If the funds available on V-Card/Overdraft are insufficient to cover the minimum due payment, then such payment will be made from other debit account within pre-defined terms.
Will the Customers be Provided with information on V-Card/Overdraft Minimum Due Payment via SMS as it was with JSC “VTB Bank Georgia”?
This information will be sent in the form of SMS notification.
Will the Customers Migrated from the JSC “VTB Bank Georgia” be Provided with New Accounts?
At JSC “BasisBank” for customers migrated from the JSC “VTB Bank Georgia” new accounts have been opened according to the product, and relevant amounts have been migrated to the new bank accounts.
How to Get Information on New Account Requisites for the Customers Migrated from the JSC “VTB Bank Georgia”?
New bank account details of the customers migrated from the JSC “VTB Bank Georgia” to the JSC “BasisBank” can be obtained via call center, service center, also internet bank following the standard procedures- identification/verification.
Is it Necessary to Conclude New Contract Agreement on the Deposits Migrated from the JSC “VTB Bank” to the JSC “BasisBank”?
In case of deposits migrated from the JSC “VTB Bank” to the JSC “BasisBank” the agreement concluded between the customer and the JSC “VTB Bank Georgia” remains in forces, and accordingly there is no need to conclude new agreement on the existing deposit.
What Has Changed for the Deposit Owners?
Nothing has changed following the transfer; all deposit conditions remain in force; all existing deposit agreements remain unchanged. The only exception is that the JSC “VTB Bank” is now longer a party of the agreement and it has been replaced by the JSC “BasisBank”. Accordingly, rights and liabilities defined under the agreement will be fulfilled by the JSC “BasisBank” and the JSC “VTB Bank Georgia” has no rights and liabilities in relation with the agreement.
Activation of Cards at JSC “BasisBank” for Customers Migrated from the JSC “VTB Bank Georgia”
If the migrated customer has active card account and has not received the card yet, during the visit to the service center instant card is offered for immediate activation, or if the customer wishes to order a card then order is placed, and the card is activated for the customer at the service center of the customer’s choice. The order can be place via Internet Bank as well and by using call center services following the customer identification.
Will the ATMs of the JSC “VTB Bank Georgia” be Available for the Customers Who have not Migrated to the JSC “BasisBank”?
All JSC “VTB Bank Georgia” ATMs are now transferred to the JSC “BasisBank” and such ATMs will be shortly available to the Basis Bank/other bank customers.
What Rates will Apply to the Customers Migrated from the JSC “VTB Bank” Georgia When Withdrawing Money from Partner/Other Bank’s ATMs?
Withdrawing from the Basis Bank standard debit card is free of charge in Basis Bank, TBC, Cartu and Halik Bank ATMs. In case of withdrawal from other banks’ ATMs service charge applies- 2%, minimum 7.5 GEL and additional fee may be charged by the specific bank.
Digital Service Activation for Customers Migrated from the JSC “VTB Bank of Georgia”
The customers migrated from the JSC “VTB Bank Georgia” can activate digital services of the JSC “BasisBank” via following channels:
- Service Centers
- Video Bank
- Online registration (if the customer has a card) https://www.bankonline.ge
Also, customers who were using internet/mobile bank of the JSC “VTB Bank Georgia” will receive SMS instructions to active digital channel (internet bank). This way of activation implies automated activation of package services. For the services and standard tariffs of the package services please visit Basis Bank website- Tariffs section.
Can Customers Migrated from the JSC “VTB Bank Georgia” Use the SMS Bank
For the customers migrated from the JSC “VTB Bank Georgia” the SMS bank services have been activated automatically, if they number was registered in the bank. If the customer does not receive text messages on the registered number, then this issue can be resolved via service channel.
Were the Automated Payments Activated in the JSC “VTB Bank Georgia” Transferred to the JSC “BasisBank”?
The automated payments activated by the customers at the JSC “VTB Bank Georgia” have been canceled. If the customer wishes to use the same type of automated payments, then he/she shall activate relevant service via JSC “BasisBank” internet/mobile bank.
Does the Power of Attorney Issued to the JSC “VTB Bank Georgia” Remain Valid for the Customers Migrated from the JSC “VTB Bank Georgia”?
If the power of attorney issued to the customer migrated from the JSC “VTB Bank Georgia” states, that the power of attorney is valid in all other banks of Georgia or it specifically indicates that the power of attorney is valid in BasisBank and can be used to carry out activities indicated in the power of attorney, then the document is valid. In other cases, in order to receive services new power of attorney shall be provided.