BOG's healthcare subsidiary acquires new hospital

RNS Number : 4709T

Bank of Georgia Holdings PLC

06 October 2014

 

London, 6 October 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 JSC Evex Medical Corporation ("Evex"), the Bank's healthcare subsidiary, has acquired 100% equity interest in a 60-bed hospital in Tbilisi providing a wide-range of in-patient and out-patient services with particular expertise in traumatology.

The acquisition of this new hospital is in line with the Bank'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 38 healthcare facilities and 2,140 beds in Georgia.

"I am very pleased to announce one more important acquisition, which further strengthens our healthcare franchise in the capital city. I would like to congratulate our healthcare team on the completion of the transaction, which increases our national market share by hospital beds to 22.5% from 14.3% at the beginning of the year," commented Irakli Gilauri, Chief Executive Officer of Bank of Georgia.

"The addition of another leading hospital complements our current portfolio of healthcare facilities in Tbilisi, enabling us to tap a new segment of patientsand offering significant opportunities for cost synergies that our experienced team will work to deliver over the next few months," commented Murtaz Kikoria, Chairman of the board of directors, Evex.

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 32.8% market share), total loans (with a 31.6% market share) and client deposits (with a 29.0% market share) as of 30 June 2014, 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 and healthcare services to its clients. As of 30 June 2014, the Bank served approximately 1.3 million client accounts through one of the largest distribution networks in Georgia, with 206 branches, the country's largest ATM network, comprising 510 ATMs, 2,038 Express pay (self-service) terminals and a full-service remote banking platform and a modern call center.

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

 

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