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JSC Bank of Georgia (BGEO)

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Thursday 24 July, 2008

JSC Bank of Georgia

JSC Bank of Georgia announces that UBPD was ass...

Bank of Georgia

JSC Bank of Georgia announces that UBPD was assigned the Principal Member status
by Visa International

JSC Bank of Georgia (LSE: BGEO GSE: GEB), the leading Georgian universal bank,
announced today that Universal Bank for Development & Partnership ('UBDP'),
Ukrainian bank owned by Bank of Georgia, has become Principal Member of Visa
International. The decision to upgrade UBDP from Associated to Principal member
was made by the Board of Directors of Visa International on 26 June 2008.

The new Principal Member status allows UBDP to start direct settlement with Visa
International, sponsor other banks and obtain license for merchant acquiring.
The Principal Member status will also enable UBDP to migrate its card processing
to the Georgian Card, Georgia's leading card processing platform majority-owned
by Bank of Georgia. In cooperation with Georgian Card, UBDP plans to build a new
card platform, offer its clients additional services, expand the range of card
products and issue co-branded debit and credit cards.

UBPD issued its first Visa card in 2003 as an Associated Member of Visa
International and as of the end of June serviced approximately 74,000 Visa cards
outstanding. All Visa cards issued by UBDP are chip enabled, equipped with
secure data processing system and software in line with international card
payment system standards.

'Visa Principal Membership status is the recognition of UBDP's development and
successful operation of its card business. The new membership status with Visa
International will help UBDP strengthen its position on the Ukrainian plastic
cards market and highlights our intention to continue the development of our
plastic cards business in Ukraine,' commented Nicholas Enukidze, Chairman of the
Supervisory Board of Bank of 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 & 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