Bank of Georgia Group PLC BOG receives US$10mln subordinated loan from EFSE

Date : 07/01/2019 @ 7:10AM
Source : UK Regulatory (RNS & others)
Stock : Bank Of Georgia Group Plc (BGEO)
Quote : 965.5  -59.5 (-5.80%) @ 4:35PM
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Bank of Georgia Group PLC BOG receives US$10mln subordinated loan from EFSE

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RNS Number : 9769D

Bank of Georgia Group PLC

01 July 2019

London, 1 July 2019

JSC Bank of Georgia receives a US$10 million subordinated loan from EFSE

Bank of Georgia Group PLC announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") and the European Fund for Southeast Europe ("EFSE") have entered into a US$10 million subordinated loan agreement with a maturity of 10 years. The subordinated loan facility qualifies for Tier II capital under the Basel III framework recently introduced in Georgia and will further improve the overall capitalisation of the Bank.

Archil Gachechiladze, Bank of Georgia CEO commented: "I am pleased to see that our long-term partnership with EFSE has yielded our yet another transaction which is aimed at further improving our capital position under the Basel III regulations and will support further lending growth while maintaining strong capital ratios. This subordinated loan facility is our latest transaction, in 2019, dedicated to capital optimisation, following the issuance of US$100 million Additional Tier 1 Capital Notes, and the repayment of a US$65 million subordinated loan, earlier this year, to optimise our cost of funding. With an ever stronger and diversified capital structure, we are well-positioned to continue growing our customer lending in 2019 and beyond."

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 c.15% 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 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) 

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 or visit



(END) Dow Jones Newswires

July 01, 2019 02:10 ET (06:10 GMT)

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