BOG's healthcare subsidiary acquires new hospital

RNS Number : 5556X

Bank of Georgia Holdings PLC

14 January 2014

 

London, 14 January 2014

Bank of Georgia's healthcare subsidiary acquires a new hospital

Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank announces that Unimed, the wholly-owned healthcare subsidiary of Aldagi, the Bank's insurance and healthcare subsidiary has acquired 100% equity interest in the 60 bed high-end, multi-specialty hospital in Tbilisi. The hospital generated an estimated revenue of GEL 7.7 million in 2013

The acquisition of the new hospital is in line with the company's previously announced strategy to scale up its healthcare business through targeted hospital acquisitions focusing on Tbilisi. Following the acquisition, the Bank's healthcare subsidiary has 32 healthcare facilities and 1,329 beds in Georgia.

"I am very pleased to start 2014 with this important acquisition, which further strengthens our healthcare franchise in the country as we expand our healthcare services in the capital city. The addition of the second largest luxury hospital to Aldagi's leading hospital chain offers ample opportunities for cost synergies, that I believe, our experienced team will be able to deliver over the next few months. I would like to congratulate our Aldagi team with the completion of the transaction and looking forward to an interesting year ahead," commented Irakli Gilauri, Chief Executive Officer. 

About Bank of Georgia Holdings PLC

Bank of Georgia Holdings PLC is a UK-incorporated holding company of Bank of Georgia. Bank of Georgia is the leading Georgian bank, based on total assets (with a 34.1% market share), total loans (with a 33.8% market share) and total deposits (with a 30.4% market share) as of 30 September 2013, all data based on standalone financial information filed by banks in Georgia with the National Bank of Georgia. The Bank offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients.

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

Standard & Poor's	'BB-/B'
FitchRatings	'BB-/B'
Moody's	'B1/NP' (FC) & 'Ba3/NP' (LC)

For further information, please visit www.bgh.co.uk, www.bog.ge/ir or contact: 

Irakli Gilauri	Nikoloz Gamkrelidze	Macca Ekizashvili
Chief Executive Officer	Deputy CEO, Finance	Head of Investor Relations
[phone]	[phone]	[phone]
[e-mail]	[e-mail]	[e-mail]

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.

 

END

 

 

ACQEAFFDFLXLEAF