Bgeo Group PLC Aldagi signs major partnership agreement (3210B)
09 January 2018 - 6:00PM
UK Regulatory
TIDMBGEO
RNS Number : 3210B
Bgeo Group PLC
09 January 2018
London, 9 January 2018
BGEO Group's P&C insurance subsidiary signs major
third-party partnership agreement
BGEO Group PLC (the "Group" or "BGEO"), announces that the
Group's property and casualty insurance subsidiary, Aldagi (the
"Company"), has signed a major third-party partnership agreement
with JSC Liberty Bank ("Liberty Bank" or the "Bank") to enhance the
distribution capabilities of its motor third party liability
("MTPL") insurance business. Liberty Bank is the third largest bank
in Georgia by total assets, and enjoys the largest branch and
service outlet network in the country. As part of the partnership
agreement, Aldagi's MTPL products will be offered to the Bank's
clients through Liberty Bank's large retail footprint in exchange
for a commission fee based on the premium of each underwritten
insurance policy.
Irakli Gilauri, BGEO CEO commented: "I am delighted to see that
the Group continues to realise the benefits presented by the
proposed demerger. Aldagi's partnership agreement with Liberty Bank
in line with its strategy to unlock the full potential of Georgia's
significantly underpenetrated retail insurance segment. By
extending co-operation with another leading financial institution,
Aldagi will be able to uncover additional sources of high quality
deals for its leading insurance products, and continue to
successfully diversify its multi-channel distribution network."
Name of authorised official of issuer responsible for making
notification: Giorgi Alpaidze, Group CFO
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 its strategy of: (1) at least
20% ROAE from its Banking Business; (2) 15%-20% growth of its
Banking Business loan book; (3) at least 25% 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"), m(2) Real
Estate ("Real Estate Business" or "m(2) "), 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 Group CFO
CEO
+995 322 444 109 +44 203 178 4034 +995 322 444 190
igilauri@bgeo.com moliver@bgeo.com g.alpaidze@bgeo.com
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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