Bank Of Georgia (LSE:BGEO)
Historical Stock Chart
1 Year : From Mar 2019 to Mar 2020
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
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
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (9282)
email@example.com firstname.lastname@example.org email@example.com firstname.lastname@example.org
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 email@example.com or visit www.rns.com.
(END) Dow Jones Newswires
July 01, 2019 02:10 ET (06:10 GMT)