Bank Of Georgia (LSE:BGEO)
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RNS Number : 1472X
Bank of Georgia Group PLC
17 December 2019
London, 17 December 2019
JSC Bank of Georgia signs a US$107 million subordinated club facility agreement
Bank of Georgia Group PLC announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") has signed a ten-year US$107 million subordinated syndicated loan agreement (the "Facility") arranged by FMO - Dutch entrepreneurial development bank (FMO) in collaboration with other participating lenders including DEG - Deutsche Investitions- und Entwicklungsgesellschaft, the Finnish Fund for Industrial Cooperation Ltd., Obviam, on behalf of the Swiss Investment Fund for Emerging Market (SIFEM), the Swedish Development Finance Institution - Swedfund International AB, BlueOrchard Microfinance Fund (BOMF) and Symbiotics Group. The Facility is expected to be treated as a Bank Tier 2 capital instrument (upon disbursement and approval of the National Bank of Georgia) 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-standing and very successful partnership with FMO has now extended to this substantial transaction, this time with a subordinated Tier 2 loan facility, which will help us further improve our capital position under the Basel III regulations. I would like to thank FMO for arranging the deal in cooperation with our existing and new partner financial institutions, who I would also like to thank for assisting us in our efforts to diversify our capital structure, maintain a strong capital position and remain a leading lender in the country".
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
December 17, 2019 05:20 ET (10:20 GMT)