Bgeo Group PLC BGEO announces BOG's rating upgrade by Moody's (6577Q)
13 September 2017 - 10:29PM
UK Regulatory
TIDMBGEO
RNS Number : 6577Q
Bgeo Group PLC
13 September 2017
London, 13 September 2017
BGEO Group announces Bank of Georgia's rating upgrade by
Moody's
BGEO Group PLC (the "Group" or "BGEO"), announces that on 13
September 2017 credit rating agency Moody's upgraded JSC Bank of
Georgia's ("The Bank") local-currency deposit rating to Ba2 from
Ba3, and the Bank's foreign-currency deposit rating to Ba3 from B1.
The Bank's senior unsecured foreign-currency rating was also
upgraded to Ba2 from Ba3 with a stable outlook. JSC BGEO's ratings
were not affected. The Bank's credit rating action follows the
upgrade of Georgia's sovereign local and foreign currency issuer
ratings to Ba2 from Ba3 on 11 September 2017.
"Georgia's economy has a strong track record of resilience to
the various shocks the region has experienced over the last ten
years. Prudent macroeconomic reforms and regulatory banking
supervision have allowed both the country's GDP to steadily grow
during this period, and the banking sector to remain profitable,
well-capitalised and healthy. I am pleased to see Moody's upgrade
of the Georgia's long-term sovereign ratings, together with the
credit ratings of the Bank, in light of these achievements and I
believe that Bank of Georgia is very well positioned to further
capitalise on Georgia's promising macroeconomic outlook", commented
Kaha Kiknavelidze, CEO of Bank of Georgia.
Name of authorised official of issuer responsible for making
notification: Giorgi Alpaidze, Head of Finance, Funding and
Investor Relations
About BGEO Group PLC
The Group: BGEO Group PLC ("BGEO"- LSE: BGEO LN) is a UK
incorporated holding company of a Georgia-focused investment
platform. BGEO invests, via its subsidiaries, in the banking and
non-banking sectors in Georgia (BGEO and its subsidiaries, together
the "Group"). BGEO aims to deliver on a 4x20 strategy: (1) at least
20% ROAE from its Banking Business; (2) at least 20% growth of its
Banking Business retail loan book; (3) at least 20% IRR; and (4) up
to 20% of the Group's profit from its Investment Business. On 3
July 2017 BGEO announced its intention to demerge BGEO Group PLC
into a London-listed banking business (the "Banking Business") and
a London-listed investment business (the "Investment Business") by
the end of the first half of 2018.
Banking Business: Currently representing at least 80% of the
Group's profit, will comprise: 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 ("BOG" or the "Bank") is the core entity of the Group's
Banking Business. The Banking Business will continue to target to
benefit from the underpenetrated banking sector in Georgia
primarily through its retail banking services.
Investment Business: Currently representing up to 20% of the
Group's profit, will comprise the Group's stakes in Georgia
Healthcare Group PLC ("Healthcare Business" or "GHG") - an LSE
(London Stock Exchange PLC) premium-listed company, Georgia Global
Utilities ("Utility and Energy Business" or "GGU"), m2 Real Estate
("Real Estate Business" or "m2"), Teliani Valley ("Beverage
Business" or "Teliani") and Aldagi ("Property and Casualty
Insurance Business" or Aldagi). Georgia's fast-growing economy
provides opportunities in a number of underdeveloped local markets
and the Investment Business will target to capture growth
opportunities in the Georgian corporate sector.
JSC BGEO Group has, as Bank of Georgia has, as
of the date hereof, the of the date hereof, the
following credit ratings: following credit ratings:
Fitch Ratings 'BB-/B' Fitch Ratings 'BB-/B'
Moody's B1/NP (FC) Moody's 'Ba3/NP' (FC)
& B1/NP (LC) & 'Ba2/NP'
(LC)
For further information, please visit www.bgeo.com or
contact:
Irakli Gilauri Michael Oliver Giorgi Alpaidze
Group CEO Adviser to the Head of Investor
CEO Relations
+995 322 444
+995 322 444 109 +44 203 178 4034 190
igilauri@bog.ge moliver@bgeo.com g.alpaidze@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 company news service from the London Stock Exchange
END
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