Information  X 
Enter a valid email address

JSC Bank of Georgia (BGEO)

  Print      Mail a friend

Monday 06 December, 2010

JSC Bank of Georgia

Bank of Georgia signs US$ 50 million 5 year loa...

Bank of Georgia signs US$ 50 million 5 year loan agreement with ADB

Bank of Georgia

Bank of Georgia signs US$ 50 million 5 year loan agreement with ADB

JSC Bank of Georgia (GSE:GEB)(LSE:BGEO)(the “Bank”), Georgia’s leading universal bank and the Asian Development Bank (ADB) signed a loan agreement in the amount of US$ 50 million (the “Facility”). The Facility bears maturity of five years and will be used for financing SME loans in Georgia.

“I am pleased to announce the completion of Bank of Georgia’s second transaction with ADB. The enhancement this Facility gives to our SME lending capability is timely, given Bank of Georgia's strategy to expand SME lending and further strengthen its position on this market segment. I am also pleased to note that with this transaction Bank of Georgia has secured a total of US$ 150 million long-term wholesale funding from International Financial Institutions this year. I would like to congratulate our funding team for fruitful work in 2010 and look forward to doing more with ADB in the future,” commented Irakli Gilauri, Chief Executive Officer.

About Bank of Georgia

Bank of Georgia is the leading Georgian bank offering a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients in Georgia, Ukraine and Belarus. Bank of Georgia is the largest bank in Georgia by assets, loans, deposits and equity, with 34% market share by total assets (all data according to the NBG as of 31 October 2010). The bank has 137 branches and more than one million retail and 171,052 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 or contact:

Irakli Gilauri   Macca Ekizashvili
Chief Executive Officer Head of Investor Relations
+995 32 444 109 +44 (0) 20 3178 4052

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.