Bank of Georgia Group PLC Acquisition of a leading e-commerce platform (4599C)
June 17 2019 - 5:00AM
UK Regulatory
TIDMBGEO
RNS Number : 4599C
Bank of Georgia Group PLC
17 June 2019
London, 17 June 2019
Bank of Georgia Group acquires one of the leading e-commerce
platforms in Georgia
Bank of Georgia Group PLC ("the "Group" or "Bank of Georgia
Group") announces the acquisition of one of the leading Georgian
e-commerce platforms, extra.ge (the "Platform"). The Platform
facilitates consumer-to-consumer (C2C) and business-to-consumer
(B2C) sales through its website and social media channels. extra.ge
currently has c.350,000 returning visitors per month. Around 80,000
registered buyers and sellers and c.100,000 products and services
are currently listed on the Platform. Importantly, extra.ge is
visible and well represented on search engines.
The acquisition is in line with Bank of Georgia Group's strategy
to be at the top of digital offering in the local market. This will
provide our existing and potential clients unique opportunities to
get even more benefits from their relationship with Bank of
Georgia. With the Group's support, extra.ge will transform into an
even more vibrant and dynamic full-scale digital marketplace with a
much richer variety of goods and services, and a more enjoyable
shopping experience. extra.ge will enable customers to conclude
their online shopping experience with the best possible
price-to-value purchase. Customers will also be able to access
their Bank of Georgia banking products in a fully integrated way:
extra.ge will be integrated with Bank of Georgia's current flexible
single sign-on and payment system and will offer the Bank's
pre-approved instant installment loans to enable its customers to
purchase selected products.
Archil Gachechiladze, the Group CEO commented: "I am very
pleased that we continue to successfully expand our footprint in
digital platforms that create a great value for our clients.
extra.ge will become our new digital offering built around the
simplicity and convenience of a value-enhancing single umbrella
model, which enables the stakeholders to make the best deals with
each other, and rely on superior financial services offered by Bank
of Georgia. Bank of Georgia's retail and micro, small and
medium-sized enterprise clients will enjoy the excellent
opportunities of a new consumer experience and doing business in a
dynamic and flexible digital marketplace."
Name of authorised official of issuer responsible for making
notification: Natia Kalandarishvili, Head of Investor Relations and
Funding
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the
"Group" - LSE: BGEO LN) is a UK incorporated holding company, which
comprises: a) retail banking and payment services, b) corporate
investment banking and wealth management operations and c) banking
operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of
Georgia", "BOG" or the "Bank"), the leading universal bank in
Georgia, is the core entity of the Group. The Group targets to
benefit from superior growth of the Georgian economy through both
its retail banking and corporate investment banking services and
aims to deliver on its strategy, which is based on at least 20%
ROAE and 15-20% growth of its loan book.
JSC Bank of Georgia has, as of
the date hereof, the following
credit ratings:
Fitch Ratings 'BB-/B'
Moody's 'Ba3/NP' (FC)
& 'Ba2/NP' (LC)
For further information, please visit www.bankofgeorgiagroup.com
or contact:
Archil Gachechiladze Michael Oliver Sulkhan Gvalia Natia Kalandarishvili
CEO Adviser to the CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (9282)
agachechiladze@bog.ge moliver@bgeo.com sgvalia@bog.ge ir@bog.ge
This news report is presented for general informational purposes
only and should not be construed as an offer to sell or the
solicitation of an offer to buy any securities
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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