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JSC Bank of Georgia (BGEO)

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Monday 23 July, 2007

JSC Bank of Georgia

Bank of Georgia Announces The Completion of Mer...

Bank of Georgia
                  

JSC Bank of Georgia (LSE:BGEO (GSE:GEB), the leading Georgian universal bank,
announced today the successful completion of the merger between BCI, the bank's
wholly-owned insurance subsidiary and Aldagi, the leading Georgian insurance
company acquired by BCI in December 2006. The two companies were merged on 22
June 2007 and the combined entity now operates under the name JSC Insurance
Company Aldagi BCI.

'I congratulate my colleagues on the successful completion of the merger and the
operational integration of Aldagi and BCI creating the market leader in the
Georgian insurance sector, with market share by gross premiums written exceeding
40%. This is our seventh acquisition of a financial services company in Georgia
since October 2004, and the flawless execution of this merger is yet another
testimony of the professionalism and transactional acumen of our team,'
commented Lado Gurgenidze, Chairman of the Supervisory Board of Bank of Georgia.

About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank with operations in Georgia
and Ukraine, is the largest bank by assets, loans, deposits and equity in
Georgia, with 32% market share by total assets (all data according to the NBG as
of 30 June 2007). The major component of the Galt & Taggart Index, the bank has
104 branches and over 500,000 retail and more than 50,000 corporate current
accounts. The bank offers a full range of retail banking and corporate and
investment banking services to its customers across Georgia. The bank also
provides a wide range of corporate and retail insurance products through its
wholly-owned subsidiary, Aldagi BCI, as well as asset & wealth management
services.

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

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  Standard & Poor's                 'B+/B'                                             Stable
  Moody's                           'B3/NP' (FC) & 'Ba1/P-3' (LC)                      Stable
  Fitch Ratings                     'B+/B'                                             Stable
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For further information, please visit www.bog.ge/ir or contact:

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Lado Gurgenidze                     Irakli Gilauri                                 Macca Ekizashvili
Chairman of the Supervisory Board   Chief Executive Officer                        Head of Investor Relations
+995 32 444 103                     +995 32 444 109                                +995 32 444 256
lgurgenidze@bog.ge                  igilauri@bog.ge                                ir@bog.ge
*T

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. Certain statements in this news report are forward-looking
statements and, as such, are based on the managements current expectations and
are subject to uncertainty and changes in circumstances.