Bank of Georgia
Bank of Georgia becomes Georgia's first Issuing Bank for IFC's Global Trade
Finance Program; will receive trade finance line of US$20 million
Bank of Georgia (LSE: BGEO, GSE: GEB), Georgia's leading universal bank,
announced today, it has become the first Georgian bank to joint International
Finance Corporation's ('IFC') Trade Finance Program. IFC will provide Bank of
Georgia with a trade finance line of $20 million allowing it to provide
guarantees against its clients' trade transactions.
IFC is a member of the World Bank Group and its Global Trade Finance Program
supports trade with emerging markets worldwide and promotes the flows of goods
and services to and from developing countries. IFC provides partial or full
guarantees against underlying trade instruments and covers the payment risk of
participating issuing banks. The program allows issuing banks to increase the
volume and value of trade transactions, with enhanced tenors and access to
competitive pricing terms.
'We are very pleased that Bank of Georgia was selected by IFC as its first
Georgian partner bank under its Global Trade Finance Program. As Georgia's
leading trade finance provider, our partnership with IFC will enhance our trade
financing capability and will facilitate further the increasing trade in the
region. This transaction marks our renewed partnership with IFC and underscores
IFC's confidence in the Georgian economy and Bank of Georgia', commented
Nicholas Enukidze, Chairman of the Supervisory Board of Bank of Georgia.
Snezana Stoiljkovic, IFC Director, Central and Eastern Europe Department, said:
'Bank of Georgia has been an IFC client since 2000, and with this trade line, we
are happy to expand our partnership. It is part of a targeted series of
investments that IFC will be making with existing client banks to support the
banking system and sustain access to finance for local small and medium
enterprises and individuals.'
Georgina Baker, IFC Director, Global Financial Markets and Short Term Finance,
said: 'The commitment to provide trade finance enables businesses to reach new
markets, under competitive terms. As the leading banking group in the country,
Bank of Georgia's partnership with the Global Trade Finance Program will support
transactions in emerging and post-conflict markets.'
About Bank of Georgia
Bank of Georgia, the leading universal Georgian bank with operations in Georgia,
Ukraine and Belarus, is the largest bank by assets, loans, deposits and equity
in Georgia, with 34 % market share by total assets (all data according to the
NBG as of July 31, 2008). The bank has 142 branches and over 880,000 retail and
more than 128,000 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:
Standard & Poor's 'B/B'
Moody's 'B3/NP' (FC) & 'Ba1/NP' (LC)
For further information, please visit www.bog.ge/ir 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
firstname.lastname@example.org email@example.com firstname.lastname@example.org
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 management's current expectations and
are subject to uncertainty and changes in circumstances.