Bgeo Group PLC Bank of Georgia named the Best Trade Finance Bank (4697C)
22 January 2018 - 6:00PM
UK Regulatory
TIDMBGEO
RNS Number : 4697C
Bgeo Group PLC
22 January 2018
London, 22 January 2018
Global Finance names JSC Bank of Georgia as the Best Trade
Finance Bank in Georgia
BGEO Group PLC (the "Group" or "BGEO"), announces that its
banking business subsidiary, JSC Bank of Georgia ("the Bank") has
been recognised as the Best Trade Finance Bank in Georgia in 2017
by Global Finance for the second consecutive year. The editorial
review board of the Global Finance magazine selected the winners
based on inputs from industry analysts, corporate executives and
technology experts. The criteria for selection included:
transaction volume, scope of global coverage, customer service,
competitive pricing and innovative technologies. This is the fifth
time the Bank has been granted with this reputable award since
2010.
Kaha Kiknavelidze, the Bank CEO commented: "We are pleased to be
recognised once again as the leading provider of trade finance
solutions in Georgia. The Bank actively co-operates with a number
of foreign banks and international development institutions and
translates these partnerships into best-in-class trade finance
solutions for local corporate and SME clients".
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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