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JSC Bank of Georgia (BGEO)

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Wednesday 24 February, 2010

JSC Bank of Georgia

Bank of Georgia announces the decrease of inter...

Bank of Georgia announces the decrease of interest rates on deposits

Bank of Georgia

Bank of Georgia announces the decrease of interest rates on deposits

JSC Bank of Georgia (LSE:BGEO) (GSE:GEB) (the “Bank”), Georgia’s leading bank announced today that it has decreased interest rates by 0.25 - 0.75 per cent on its foreign currency retail term deposits with different maturities of up to two years. Accordingly, the new rates range from 7.25 per cent to 10.25 per cent for deposits from three months to 12 months, depending on the maturity and 10.25 per cent for deposits of two years. This is the third round of the deposit rate cuts implemented by the Bank following the downward revision in foreign currency retail term deposit rates of up to 0.5 per cent in October 2009 and up to 1.0 per cent in November 2009.

The Bank kept unchanged the existing interest rates on Lari deposits.

“The deposit rate cut is in line with the Bank’s policy of gradually decreasing its lending and deposit rates in order to step up lending - a result of the general improvement of Georgian economy, high liquidity levels, strong capital and the ongoing inflow of client deposits in Georgia since May 2009,“ said Irakli Gilauri, Chief Executive Officer.

About Bank of Georgia
Bank of Georgia is the leading Georgian bank offering a broad range of corporate and investment banking, retail banking, wealth management and insurance services to its customers in Georgia, Ukraine and Belarus. Bank of Georgia is the largest bank in Georgia by assets, loans, deposits and equity, with 33.0% market share by total assets (all data according to the NBG as of 31 December 2009). The bank has 141 branches and over 999,000 retail and more than 153,000 corporate current accounts.

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

Standard & Poor’s   ‘B/B’
FitchRatings ‘B/B’
Moody’s ‘B3/NP’ (FC) & ‘Ba3/NP’ (LC)
 

For further information, please visit www.bog.ge/ir or contact:

Nicholas Enukidze   Irakli Gilauri   Macca Ekizashvili
Chairman of the Supervisory Board CEO, Supervisory Board Member Head of Investor Relations
+995 32 444 858 +995 32 444 109 +995 32 444 256

nenukidze@bog.ge

igilauri@bog.ge

ir@bog.ge

 

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.