RNS Number : 7572M
Bank of Georgia Holdings PLC
20 September 2012
Bank of Georgia sets up a representative office in Budapest
Bank of Georgia Holdings plc (BGH) (LSE: BGEO LN), the holding company of JSC Bank of Georgia (the Bank), Georgia's leading bank, announced today that the Bank has opened an Asset and Wealth Management Representative Office in Budapest, Hungary (the Budapest Representative Office). The Budapest Representative Office, which marks its formal opening today, is the third representative office opened by the Bank's Asset and Wealth Management operations (AWM). The Tel Aviv and London representative offices have been operating since 2008 and 2010, respectively. The primary objective of the Budapest Representative Office will be the introduction of the Bank's products to the potential clients from Hungary and other Eastern European countries.
The opening of the Representative Office in Hungary is in line with the Bank's strategy of expanding the
offering of wealth management deposit products internationally by establishing its presence in selected markets. Irakli Rekhviashvili has been appointed as the Bank's Representative in Eastern Europe. He is based in Budapest, reporting to Vasil Revishvili, Deputy CEO in charge of the Bank's Asset and Wealth Management operations. Irakli Rekhviashvili has worked as a Senior Program Manager at Open Society Institute in Hungary for more than 10 years. He previously served as Minister of Economy of Georgia in 2004. Irakli Rekhviashvili holds a Masters Degree in Public Affairs from Princeton University, Woodrow Wilson School of Public and International Affairs.
The Bank's Asset and Wealth Management business currently serves over 900 clients from more than 50 countries. Client funds attracted by AWM have grown more than three times since year end 2009 to GEL 517 million as of 30 June 2012, of which approximately GEL 40 million have been attracted from clients in Hungary.
"I am very pleased that we have now established our presence in Eastern Europe through the representative office in Hungary. Client funds from Hungary have grown markedly in the past 18 months, accounting for more than seven percent of Asset and Wealth Management total client funds, prompting us to open a representative office in Budapest. The new representative office in Budapest will enable us service the expanding client base in Eastern Europe as we continue to expand our distribution platform.", commented Irakli Gilauri, Chief Executive Officer.
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