Bank Of Georgia (LSE:BGEO)
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RNS Number : 4133F
Bank of Georgia Group PLC
15 July 2019
London, 15 July 2019
JSC Bank of Georgia signs c.GEL 28 million 5-year loan agreement with EBRD
Bank of Georgia Group PLC ("the Group") announces that JSC Bank of Georgia (the "Bank" or "Bank of Georgia") and the European Bank for Reconstruction and Development ("EBRD") have signed a c.GEL 28 million loan agreement with a maturity of 5 years. The facility aims to continue to provide the micro, small and medium sized enterprises the access to increasingly demanded local currency funding and to further support their alignment with the European Union's Deep and Comprehensive Free Trade Agreement requirements. EBRD obtained the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart - a wholly owned brokerage subsidiary of the Group. The local currency facility was designed to facilitate on-lending to the Bank's clients solely in Georgian Lari.
Archil Gachechiladze, Bank CEO commented: "I am very pleased to see that EBRD has continued to be Bank of Georgia's strong and reliable partner in providing local currency funding for our micro, small and medium sized business clients. This is our second cooperation with EBRD on a Georgian Lari denominated facility after a major success of our first 2-tranche programme in local currency launched in 2016. While de-dollarisation of the Georgian economy is gaining speed and scale, the local currency facilities of this kind are increasingly essential for us to continue to offer the most needed financial products to our business clients. We look forward to working with EBRD on many more successful local currency deals in the future."
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 and 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 and 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
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(END) Dow Jones Newswires
July 15, 2019 02:00 ET (06:00 GMT)