JSC Bank Of Georgia And Galt & Taggart Asse...
Bank of Georgia
Bank of Georgia (LSE: BGEO; GSE: GEB), the leading Georgian universal bank
announced today that it has signed a Memorandum and underlying agreements with
Paata Burchuladze's International Charity Foundation Iavnana ('The Fund') on the
creation of endowment. Pursuant to the Memorandum, the funds raised by Bank of
Georgia for the Fund will be managed by Galt & Taggart Asset Management
('GTAM'), Bank of Georgia's wholly-owned subsidiary, for the benefit of the
Fund.
International Charity Fund Iavnana, founded in 2004 by Paata Burchuladze, a
world renown bass singer of Georgian origin, is dedicated to support children
living in orphanages by raising sufficient funds to enable them to return home
to their parents who have no financial means of supporting their children.
'I am delighted that this agreement marks the establishment of the first
Georgian endowment fund and hope that Iavnana endowment will set an example for
other Georgian institutions as an appropriate vehicle for using donated funds as
a source of income', commented Bidzina Bejuashvili, Chief Executive Officer of
Galt & Taggart Asset Management.
About Bank of Georgia
Bank of Georgia, a leading universal Georgian bank with operations in Georgia
and Ukraine, 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 30 September 2007). The major component of Galt & Taggart Index, the bank has
109 branches and over 595,000 retail and 60,000 corporate current accounts as at
30 September 2007. 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:
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Standard & 'B+/B' Stable
Poor's
Moody's 'B3/NP' (FC) & Ba1/P-3 (LC) Stable
Fitch Ratings 'B+/B' Stable
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For further information, please visit www.bog.ge/ir or contact:
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Nicholas Enukidze Irakli Gilauri Bidzina Bejuashvili Macca Ekizashvili
Acting Chairman of the Chief Executive Chief Executive Head of Investor
Supervisory Board Officer Officer Relations
+995 32 444 800 +995 32 444 109 +995 95 444 154 +995 32 444 256
nicholas.enukidze@bog.ge igilauri@bog.ge bbejuashvili@gtam.ge ir@bog.ge
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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.
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