Information  X 
Enter a valid email address

JSC Bank of Georgia (BGEO)

  Print      Mail a friend

Wednesday 04 June, 2008

JSC Bank of Georgia

JSC Bank of Georgia Announces its Intention to ...

Bank of Georgia

Bank of Georgia (LSE: BGEO GSE: GEB), the leading Georgian universal bank,
announced today that the shareholders' meeting of UBDP, a Ukrainian bank owned
by Bank of Georgia, held on 16 May 2008 has approved the increase of UBDP's
capital from UAH 140 million to UAH 265 million through the issue of 125 million
new shares at UAH 1 per share. Following the capital increase Bank of Georgia's
ownership interest in UBDP will increase to 99.35%.

The shareholders' meeting held on 16 May 2008 also elected Messrs. Sulkhan
Gvalia, Gennadii Matuzenko and Grigol Katamadze as members of UBDP's Supervisory
Board and approved the appointment of Mr. Konstantyn Poloskov as new Chief
Executive Officer (CEO) of UBDP.

Konstantyn Poloskov joined UBDP as CEO starting 3 June 2008. Prior to UBDP, Mr.
Poloskov served as Deputy CEO of VAB Bank, a leading Ukrainian bank. Before VAB
Bank, Mr. Poloskov held various senior positions at TAS-Kommerzbank and Bank
Aval and at a number of international financial institutions.

Sulkhan Gvalia has served as Deputy CEO of Bank of Georgia since January 2005
and has been seconded to UBDP since October 2007 to lead the integration of UBDP
with the Bank of Georgia group. Prior to joining Bank of Georgia, Sulkhan Gvalia
served as Deputy CEO of TbilUniversalBank, a mid-sized Georgian bank he
co-founded in 1995 and which was acquired by Bank of Georgia in 2004.

Gennadii Matuzenko served as Chief Executive Officer of UBDP from 2001 to April
2008. Prior to joining UBDP, Mr. Matuzenko held several senior positions with
banks in Ukraine.

Grigol Katamadze has served as a Director of International Business Development
of Bank of Georgia focusing on Ukraine since the beginning of 2008. Prior to
this appointment Mr. Katamadze served for seven years as Georgia's Ambassador to
Ukraine. Before this, he held various senior positions at the Ministry of
Foreign Affairs, Ministry of Defense and Ministry of Interior of Georgia.

'This long-planned capital increase at UBDP will help strengthen UBDP's position
on the Ukrainian market. Stronger capital base will enable UBDP to better meet
the needs of its clients. On a separate note, I would like to welcome Konstantyn
Poloskov to Bank of Georgia group. Konstantyn brings 15 years of banking
experience and is a valuable addition to our senior management team. I look
forward to working with Konstantyn and the new members of the Supervisory Board
of UBDP', noted Nicholas Enukidze, Chairman of the Supervisory Board of Bank of

About Bank of Georgia

Bank of Georgia, the leading universal Georgian bank with operations in Georgia
and Ukraine, is the largest bank by assets, loans, deposits and equity in
Georgia, with 33.7% market share by total assets (all data according to the NBG
as of March 31, 2008). The major component of the Galt & Taggart Index, the bank
has 131 branches and over 770,000 retail and more than 120,000 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

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

Standard &       'B+/B'                     Stable
FitchRatings     'B+/B'                     Stable
Moody's          'B3/NP' (FC) & 'Ba1/NP'

For further information, please visit or contact:

Nicholas Enukidze                  Irakli Gilauri                    Macca Ekizashvili
Chairman of the Supervisory Board  Chief Executive Officer           Head of Investor Relations
+995 32 444 800                    +995 32 444 109                   +995 32 444 256                  

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