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JSC Bank of Georgia (BGEO)

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Tuesday 24 July, 2007

JSC Bank of Georgia

Holding(s) in Company

Bank of Georgia
                  

         Bank Of Georgia Announces Changes In The Shareholding Structure

JSC Bank of Georgia (LSE: BGEO, GSE: GEB), the leading Georgian universal bank,
announced today that in June 2007 Bank Austria Creditanstalt, a member of
Unicredit Group, converted 3,356,242 Bank of Georgia common shares (the
'Conversion Shares') held on behalf of its institutional clients into Bank of
Georgia Global Depositary Receipts (GDRs), pursuant to the GDR programme as per
the Depositary Agreement between Bank of Georgia and the Bank of New York. The
Conversion Shares represent all of shares held by Bank Austria Creditanstalt. As
a result of this transaction, 66.2% of Bank of Georgia common shares outstanding
have now been converted into GDRs.

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