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JSC Bank of Georgia (BGEO)

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Wednesday 16 November, 2011

JSC Bank of Georgia

ABCI, Bank of Georgia’s wholly-owned insuranc...

ABCI, Bank of Georgia’s wholly-owned insurance subsidiary, secures US$11.9 million Export Credit Facility from ING

Bank of Georgia

JSC Bank of Georgia  (LSE:BGEO) (GSE:GEB), Georgia’s leading universal bank, announced today that Aldagi BCI (“ABCI”), the Bank’s wholly-owned insurance subsidiary, secured a 8.25 years Export Credit Facility (“Facility”) in the amount of US$11.9 million from ING Bank N.V. the Netherlands. The Facility benefits from credit insurance provided by Atradius Dutch State Business N.V., the official Export Credit Agency from the Netherlands. The Facility will be used for the restoration of healthcare facilities in the country and, in particular, to enable My Family Clinic, ABCI’s wholly-owned healthcare provider to develop hospitals with a total aggregate bed count of 160 hospital beds in Western Georgia. Three new healthcare facilities comprising a total of approximately 60 beds are expected to be operational by the end of 2011.

“I am glad that the group obtained funding on good terms, which will support the Bank’s insurance business in expanding its health insurance and healthcare operation. This is in line with the Bank’s strategy of integrating its insurance and healthcare businesses in order to capture a significant proportion of healthcare spending in Georgia, as announced in the first half of 2011”, commented Irakli Gilauri, Chief Executive Officer.

About Bank of Georgia

Bank of Georgia is the leading Georgian bank, based on total assets (with a 36% market share), total loans (with a 36% market share) and client deposits (with a 34% market share) as of 30 June 2011, all data based on standalone financial information filed by banks in Georgia with the National Bank of Georgia. The Bank offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients.

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

Standard & Poor’s   ‘B/B’
FitchRatings ‘B+/B’
Moody’s ‘B1/NP’ (FC) & ‘Ba3/NP’ (LC)

For further information, please visit or contact:

Irakli Gilauri   Macca Ekizashvili
Chief Executive Officer Head of Investor Relations
+995 322 444 109 +995 322 444 256

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 securities.