BOG signs GEL 60 million loan agreement with BSTDB

Released : 05 Aug 2016 07:00

RNS Number : 3616G
Bgeo Group PLC
05 August 2016
 

 

 

London, 5 August 2016

 

Bank of Georgia signs GEL 60 million 5-year loan agreement with BSTDB

 

BGEO Group PLC ("BGEO" or the "Group"), the holding company of JSC Bank of Georgia (the "Bank" or "BOG"), Georgia's leading bank, announces that BOG continues to attract longer term local currency funding as the Bank and Black Sea Trade and Development Bank ("BSTDB") have signed a GEL 60 million loan agreement, with a 5-year maturity. This long-term local currency loan facility will be used to finance investments and the working capital needs of local businesses in rural and urban areas of Georgia. It will further support the development of Georgian SMEs without creating foreign exchange risk. This longer-term local currency loan facility reinforces BOG's commitment to support small and medium-size enterprises in Georgia and underpins its leading position in the SME sector.  BSTDB obtained the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart ("G&T"), a wholly owned subsidiary of BGEO.

 

 

 

 

Name of authorised official of issuer responsible for making notification:

Ekaterina Shavgulidze, Head of Investor Relations and Funding

 

About BGEO Group PLC

BGEO Group PLC is a UK incorporated holding company of a Georgia-based banking group with an investment arm. Its primary business is the leading Georgian bank JSC Bank of Georgia, which has a market share of 33.5% (based on total assets), 32.3% (based on total loans) and 33.2% (based on client deposits). The banking business offers a broad range of retail banking, corporate banking, investment management and P&C insurance services. As of 31 March 2016, the bank served approximately 2.0 million client accounts through one of the largest distribution networks in Georgia, with 266 branches, the country's largest ATM network, comprising 753 ATMs, 2,627 Express pay (self-service) terminals and a full-service remote banking platform and a modern call center. The investment business primarily consists of the largest healthcare group in Georgia (Georgia Healthcare Group), real estate business (m2) and utility business (Georgia Global Utilities).

 

 

JSC BGEO Group has, as of the date hereof, the following credit ratings:

Bank of Georgia has, as of the date hereof, the following credit ratings:



Standard & Poor's

'BB-/B'

Fitch Ratings

'BB-/B'

Fitch Ratings

'BB-/B'

Moody's

'B1/NP' (FC) & 'B1/NP' (LC)

Moody's

'B1/NP' (FC) & 'Ba3/NP' (LC)

 

For further information, please visit www.bgeo.com or contact: 

Irakli Gilauri

Michael Oliver

Ekaterina (Eka) Shavgulidze

Group CEO

Adviser to the CEO

Head of Investor Relations

+995 322 444 109

          +44 203 178 4034

         +995 322 444 205

igilauri@bog.ge

          moliver@bog.ge

          eshavgulidze@bog.ge

 

 

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
 
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