JSC Bank of Georgia and EBRD sign the Amended a...
JSC Bank of Georgia and EBRD sign the Amended and Restated Participation Agreement
Bank of Georgia
JSC Bank of Georgia and EBRD sign the Amended and Restated Participation Agreement
JSC Bank of Georgia (LSE: BGEO) (the “Bankâ€), Georgia’s leading bank, and the European Bank for Reconstruction and Development (the “EBRDâ€) have signed today the Amended and Restated Participation Agreement in the aggregate amount of US$25 million. The original participation agreement was signed in June 2005 for the amount of US$5 million. The current agreement provides additional US$20 million co-financing for Bank of Georgia’s corporate clients that can be used for term lending of up to eight years maturity as well as revolving lines of credit for working capital needs. The facility enables EBRD to co-finance corporate clients together with Bank of Georgia, without recourse to the Bank, fully bearing the Georgian corporate risk.
“We are delighted to announce yet another initiative from one of our key lenders, demonstrating EBRD’s readiness to support credit growth in Georgia in this crucial time. EBRD’s Medium Term Co-Financing Facility (MCFF) is intended to share the risk of corporate lending between Bank of Georgia and the EBRD, freeing up the Bank’s funds and capital to be extended to new projects. We are certain that this new tranche of the MCFF will provide the needed boost to the availability of corporate credit and play into the general rebound of the economy that we are beginning to observe,†commented 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 34.3% market share by total assets (all data
according to the NBG as of 31 March 2009). The bank has 142 branches and
over 870,000 retail and more than 140,000 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 | Â | Â | Â | Irakli Gilauri | Â | Â | Â | Macca Ekizashvili | Â | Â | |
| 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 securities.
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