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JSC Bank of Georgia (BGEO)

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Friday 27 June, 2008

JSC Bank of Georgia

Merger Update

Bank of Georgia

Notification to JSC Bank of Georgia's shareholders about merger of subsidiary

On 27 June 2008, JSC Bank of Georgia (LSE: BGEO GSE: GEB), the leading Georgian
universal bank (the 'Bank') and its subsidiary, JSC Galt & Taggart Bank, signed
a merger agreement (the 'Agreement') pursuant to which JSC Galt & Taggart Bank
will merge with the Bank and cease to exist as a legal entity. The Agreement was
registered with Large Taxpayers Tax Inspection, Ministry of Finance of Georgia
Revenues Service on 27 June 2008 at which time implementation of the merger was
deemed complete.

Pursuant to the Agreement, no consideration was paid and the Bank has become a
legal successor of JSC Galt & Taggart Bank. The Bank's authorized share capital,
existing shareholders ownership interests and the management structure of the
Bank will remain unchanged as a result of the Agreement.

The purpose of the merger was to simplify the Bank's corporate structure.

Copies of the Agreement are available upon request at the registered offices of
the Bank (3 Pushkin Street, Tbilisi, 0105, Georgia).

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