Bank of Georgia

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Not to be confused with Georgia Bank & Trust.
Bank of Georgia
Georgian: საქართველოს ბანკი
TypeJoint Stock Company
LSE: BGEO
GeSE: GEB
IndustryBanking
Financial services
Founded1903
Headquarters
Tbilisi
,
Georgia
Number of locations
271 branches
Area served
Georgia, Belarus, Hungary, Turkey, United Kingdom, Israel
Key people
Neil Janin
(Non-Executive Chairman)
Archil Gachechiladze
(CEO)
ProductsFinance and insurance
Consumer Banking
Corporate Banking
P&C insurance
Leasing
Trade Finance
Wealth Management
investment management
Mortgages
Card Processing Service
RevenueIncrease GEL1,110.3 million (2019)[1]
Increase GEL583.5 million (2019)[1]
Increase GEL514.2 million (2019)[1]
Websitebog.ge boggroup.com

Bank of Georgia Group PLC (LSE: BGEO) (“Bank of Georgia Group”, the “Group”, or “BOGG” and on the LSE: BGEO LN) is a UK incorporated holding company [2] which, through its subsidiaries, carries out a) retail banking and payment services, and b) corporate investment banking and wealth management operations in Georgia, and c) banking operations in Belarus.[3]

History[]

The bank was established in 1903, nationalized by the communists and became known as Binsotsbank before it was privatized again and renamed the Bank of Georgia in 1994.[4]

Bank of Georgia was first listed on the Georgian Stock Exchange in 2001 and then merged with Tbiluniversalbank in 2004.[5]

Starting from 2004, Bank of Georgia completed a number of strategic acquisitions, introduced a series of packaged retail products and initiated major infrastructure upgrades.[6]

This is when the Bank launched its private banking, placed debut corporate bonds on the Georgian Stock Exchange.[7]

The period following the listing was marked by its first Eurobond issuances, further acquisitions and new partnerships (e.g. American Express).[8]

Bank of Georgia was listed on London Stock Exchange through global depositary receipts in 2007.[9]

Bank of Georgia gained a premium listing on the London Stock Exchange in April 2012.[10] On 15 June 2012 Bank of Georgia joined the FTSE 250 Index.[11]

Bank of Georgia diversified its revenue sources by entering non-banking sectors in healthcare and real estate, which later became the Group’s Investment Business arm.[12]

In 2017, the decision was made to demerge BGEO Group PLC into two separately listed and independently managed public companies – Bank of Georgia Group PLC, the Banking Business, and Georgia Capital PLC, the Investment Business. The Demerger was completed on 29 May 2018.[13]

In 2018, Georgia Capital issued Eurobonds which were listed and traded on the Irish Stock Exchange.[14]

In 2020, the European Investment Bank signed a €50 million loan deal with the Bank of Georgia for small and medium enterprises (SMEs) and mid-caps. Bank of Georgia typically lends the funds to local businesses, such as the Swiss Agricultural School Caucasus.[15][16]

Operations[]

Bank of Georgia offers the a range of financial products to the retail market; the bank had a network of 271 branches, 886 cash machines and 3,152 express pay terminals as of 31 March 2019.[17]

Shareholders[]

As at 31 March 2019, the Group’s top three shareholders were JSC Georgia Capital (19.90%), Harding Loevner LP (4.58%) and JP Morgan Asset Management (3.11%).[18]

References[]

  1. ^ Jump up to: a b c "Annual Results 2019" (PDF). Bank of Georgia. Retrieved 29 February 2020.
  2. ^ "Company Overview of Bank of Georgia Group PLC". Bloomberg. Retrieved 30 June 2017.
  3. ^ "Bank of Georgia Buys Belarus Bank". civil.ge. Retrieved 30 June 2018.
  4. ^ "BNE talks to the chairman of the Bank of Georgia" Archived 2013-09-28 at the Wayback Machine. BNE, 26 April 2007
  5. ^ "Japan and the EBRD" (PDF). EBRD. p. 12. Retrieved 3 June 2019.
  6. ^ Bank of Georgia acquires BCI Archived 2016-03-04 at the Wayback Machine Georgian Messenger, 7 December 2004
  7. ^ "Bank of Georgia JSC". Georgian Stock Exchange. Retrieved 3 June 2019.
  8. ^ "American Express". Bank of Georgia. Retrieved 3 June 2019.
  9. ^ "Bank of Georgia IPO to raise 83 million pounds". Reuters. 20 January 2007. Retrieved 3 June 2019.
  10. ^ "Bank of Georgia takes premium LSE listing". FT.com. 28 February 2012. Retrieved 3 June 2019.
  11. ^ "Bank of Georgia Holdings to enter FTSE indices". Bloomberg. 1 June 2012. Archived from the original on 13 July 2012. Retrieved 5 June 2019.
  12. ^ Aldagi BCI acquires controlling interest in Imedi L Archived 2013-09-28 at the Wayback Machine Georgia Today, May 2012
  13. ^ "Bank of Georgia completes demerger". youinvest. Archived from the original on 30 June 2018. Retrieved 30 June 2018.
  14. ^ "Georgia Capital Eurobond". EBRD. 27 February 2018. Retrieved 3 June 2019.
  15. ^ "Georgian farmers get EU backing for a school project that scales up agriculture and education". European Investment Bank. Retrieved 2021-04-20.
  16. ^ "European Investment Bank and Bank of Georgia join forces to support businesses during COVID-19 crisis | EU Neighbours". www.euneighbours.eu. Retrieved 2021-04-20.
  17. ^ IFC: Bank of Georgia Group, Annual Report BGEO Group, 28 March 2019
  18. ^ Annual Report Presentation BGEO Group, 14 May 2019

External links[]

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