In the 1990s, during the process of forming a market economy, the need arose to develop new approaches to economic processes. This required the retraining of existing personnel and the preparation of new specialists orientated toward the market economy.

The Batumi Independent University, founded on the basis of Batumi State University and headed by Rector N. Verdzadze, played an important role in providing qualified specialists for the economy of the Autonomous Republic of Adjara and its neighbouring regions. In the 1996 academic year, Batumi Independent University joined the State University. The Independent University established the Chair of Finance and Sectoral Economics, led by Associate Professor V. Verulidze, and the Chair of Economic Theory, led by Associate Professor D. Diasamidze, based on its existing economic specialities. These chairs made a significant contribution to training specialists for the sectors of the national economy and helped to address this pressing regional problem.

In 2002, the Chair of Finance and Credit separated from the Chair of Finance and Sectoral Economics. It was headed by Associate Professor A. Tsintsadze. The main direction of scientific research was the study of the socio-economic development problems of the region. From the very beginning, the chair paid special attention to the training of young academic staff. Professors of Ivane Javakhishvili Tbilisi State University, including G. Gamsakhurdia, P. Lemonjava and others, provided significant support to the development of young researchers. Under their supervision, several doctoral dissertations were prepared.

During its existence, the chair was joined by young scholars, including Candidate of Economic Sciences Giorgi Abuselidze, Candidate of Economic Sciences Irine Tavadze, Candidate of Economic Sciences Irina Vashakmadze, and Doctor of Economic Sciences Vladimer Ghlonti. With the participation of the academic staff of the chair, new educational programmes were developed and improved based on the demands of the labour market.

In 2006, as a result of the reorganisation carried out at the university, all chairs operating in the field of economics were united and the Department of Economics was established. The department was headed by Doctor of Economic Sciences Professor Rezo Manvelidze. The department had approximately 60 employees, including one full professor, 21 associate professors, and 8 assistant professors.

Since October 2009, the Department of Finance, Accounting and Audit separated from the Department of Economics and began functioning independently under the leadership of Associate Professor A. Tsintsadze. The department included two first-cycle bachelor’s educational programmes: Finance, Banking and Insurance – which has operated as the Finance educational programme since 2012 – and Accounting and Taxation. It also included one master’s speciality: finance and banking.

From 2013 to 2014, the department was headed by Doctor of Economic Sciences Professor Vladimer Ghlonti; from 2014 to 2023, by Associate Professor Giorgi Abuselidze; and since 2023, by Associate Professor Irine Tavadze.

The Department of Finance, Banking and Insurance currently offers the bachelor’s programme in business administration with a finance module, the master’s programme in finance and banking, and the doctoral programme in business administration. Approximately 15 doctoral dissertations have been prepared within the department. Their authors are actively involved in teaching and scientific research activities in various areas of economics and business, particularly in finance, money circulation, and credit.

The Department of Finance, Banking and Insurance actively cooperates with state and non-governmental institutions, the private sector, financial and banking institutions, and various higher education institutions in Georgia and abroad. Graduates trained in economic specialities work in the Autonomous Republic of Adjara and beyond, including in commercial banks, insurance companies, ministries of finance and agriculture, and various enterprises. This demonstrates that the learning outcomes correspond to the programme goals – the preparation of highly qualified specialists with strong practical skills.