MFC, ABCI’s subsidiary, launches four healthc...
MFC, ABCI’s subsidiary, launches four healthcare facilities
Bank of Georgia
MFC, ABCI’s subsidiary, launches four healthcare facilities
JSC Bank of Georgia (LSE: BGEO GSE: GEB), Georgia’s leading universal bank, announced today that JSC My Family Clinic (“MFCâ€), a subsidiary of JSC Insurance Company Aldagi BCI (“ABCIâ€), has completed the construction of and opened four healthcare facilities in western Georgia with a total of 60 beds. MFC expects to open two further healthcare facilities in the first half of 2012.
“I am pleased that MFC has completed construction of and started to operate four new healthcare facilities on time and on budget. The launch of these healthcare facilities is in line with the previously announced strategy to vertically integrate ABCI’s health insurance business with its healthcare business. I would like to thank ABCI’s and MFC’s management teams for their hard work and commitmentâ€, 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.
About ABCI and MFC
ABCI, Bank of Georgia’s wholly-owned insurance subsidiary, is one of the leading providers of life and non-life insurance products in Georgia, based on a market share of 19.5% of the life and 16.8% of the non-life insurance markets, as of 30 June 2011 (based on gross written premiums). As of 5 December 2011, MFC, ABCI’s subsidiary providing healthcare service to its clients in Georgia, operated six hospitals and five healthcare clinics in Tbilisi and Western Georgia.
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 www.bog.ge/ir or contact:
| Irakli Gilauri | Â | 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.
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