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JSC Bank of Georgia (BGEO)

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Tuesday 01 July, 2008

JSC Bank of Georgia

Bank of Georgia announces the successful launch...

Bank of Georgia
                  JSC Bank of Georgia (LSE: BGEO GSE: GEB), the leading Georgian universal bank,
announced today that its Ukrainian subsidiary, JSC Universal Bank for
Development and Partnership ('UBDP'), successfully launched Micro and Small
Enterprise lending program (the 'MSE Program').

The MSE Program will be implemented through a newly-created MSE Department,
which is headed by Sergey Bortnikov, former head of UBDP's Kiev branch, and
currently employs 20 MSE lending managers in Kiev, Lvyv, Krivoy Rog and
Cherkasy. Further roll-out of the MSE lending in UBDP's branch network will
continue throughout the year.

The development and implementation of MSE Program at UBDP has been undertaken
with the assistance of Business & Finance Consulting ('BFC'), a leading banking
consulting firm with significant experience in implementing micro and small
business lending at commercial banks in Eastern Europe and the CIS. In 2004 BFC
advised Bank of Georgia on the successful establishment of its MSE business in

'Micro and small business lending is an important strategic direction for Bank
of Georgia in Ukraine. I am very pleased that we have succeeded in getting the
program off the ground in such a short time frame. Our extensive experience in
MSE lending in Georgia, as well as the involvement of BFC, gives me full
confidence in the successful execution of the MSE Program in Ukraine, 'noted
Nicholas Enukidze, Chairman of the Supervisory Board.

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

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