Bank of Georgia Group PLC BOGG PLC announces settlement of legacy claim (3775L)
30 December 2022 - 11:30PM
UK Regulatory
TIDMBGEO
RNS Number : 3775L
Bank of Georgia Group PLC
30 December 2022
London, 30 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Bank of Georgia Group PLC announces settlement of legacy
claim
Bank of Georgia Group PLC (the "Group") announces that its
subsidiary, JSC BGEO Group expects, pursuant to the settlement of
an outstanding legacy claim, to report a financial gain of
approximately $137 million during the fourth quarter of 2022. The
Group will update the market in due course.
Name of authorised official of issuer responsible for making
notification: Nini Arshakuni, Head of Investor Relations
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the
"Group" and on the LSE: BGEO LN) is a UK incorporated holding
company. The Group mainly comprises: a) retail banking and payment
business (Retail Banking); and b) corporate banking and investment
banking operations (Corporate and Investment Banking) in Georgia.
JSC Bank of Georgia ("Bank of Georgia", "BOG", or the "Bank"), a
systematically important and leading universal bank in Georgia, is
the core entity of the Group. The Bank is a leader in the payments
business and financial mobile application, with strong retail and
corporate banking franchises. In line with our digital strategy,
the Group focuses on expanding technological and advanced data
analytics capabilities to offer more personalised solutions and
seamless experiences to our customers. Employee empowerment,
customer satisfaction, and data-driven decision-making, together
with the strength of the banking franchise, are key enablers of the
Group's sustainable value creation. By building on its competitive
strengths and uncovering more opportunities, the Group is committed
to delivering strong profitability sustainably and maximising
shareholder value. The Group expects to benefit from the growth of
the Georgian economy, and through both its Retail Banking and
Corporate and Investment Banking operations, it aims to deliver on
its strategy and its key medium-term objectives at least 20% return
on average equity (ROAE) and c.10% growth of its loan book.
JSC Bank of Georgia has, as of the
date hereof, the following credit
ratings:
Fitch Ratings 'BB-/B'
Moody's 'Ba2/NP'
For further information, please visit www.bankofgeorgiagroup.com
or contact:
Archil Gachechiladze Michael Oliver Sulkhan Gvalia Nini Arshakuni
CEO Adviser to the CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (7515)
agachechiladze@bog.ge moliver@bgeo.com sgvalia@bog.ge ir@bog.ge
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END
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