BOG signs c.GEL 90 mln loan agreement with EBRD
London, 3 September 2021
JSC Bank of Georgia signs c.GEL 90 million 5-year loan agreement with EBRD
Bank of Georgia Group PLC ("the Group") announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") and the European Bank for Reconstruction and Development ("EBRD") have signed a c.GEL 90 million loan agreement with a maturity of five years. The facility aims to continue to provide micro, small and medium-sized enterprises access to increasingly demanded long-term local currency funding and to further support their alignment with the European Union's Deep and Comprehensive Free Trade Agreement requirements. This financing is part of a wider EU4Business and EBRD credit line - a financing instrument to boost competitiveness of local firms in the Eastern Partnership region. EBRD will obtain the local currency funds through a private placement of GEL-denominated bonds arranged by Galt & Taggart, a wholly owned brokerage subsidiary of the Group.
Archil Gachechiladze , Bank CEO commented: "I am very glad to see that EBRD is Bank of Georgia's reliable partner in providing local currency funding for our micro, small and medium-sized business clients. Local currency long-term facilities of this kind enable us to continue to offer the most needed financial products to our business customers. I would like to thank EBRD for being a long-standing supporter of the Georgian economy and I look forward to working with them on many more successful deals in the future."
Catarina Bjorlin Hansen , EBRD Regional Director for Caucasus commented: "I am delighted to have signed yet another deal with our long-standing client. This credit line has proven to be one of the most successful and popular financing tools across the region and we are happy to fulfil this large demand from the local enterprises. Additional funding provided by the EU represents a very important support that enables companies to make the most of the new opportunities while complying with DCFTA standards."
Name of authorised official of issuer responsible for making notification: Natia Kalandarishvili, Head of Investor Relations and Funding
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the "Group" - LSE: BGEO LN) is a UK incorporated holding company, which comprises: a) retail banking and payment services; b) corporate banking, wealth management and investment banking operations in Georgia; and c) banking operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of Georgia", "BOG" or the "Bank"), the systemically important and leading universal bank in Georgia, is the core entity of the Group. The Bank is a leader in payments business and financial mobile application, with the strong retail and corporate banking franchise in Georgia. With a continued focus on increasing digitalisation and expanding technological and data analytics capabilities, the Group aims to offer more personalised solutions and seamless experiences to its customers to enable them to achieve more of their potential. The Group aims to benefit from growth of the Georgian economy, and through both its Retail Banking and Corporate and Investment Banking services targets to deliver on its strategy, which is based on at least 20% ROAE and c.10% growth of its loan book in the medium-term .
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JSC Bank of Georgia has, as of the date hereof, the following credit ratings: |
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Fitch Ratings |
'BB-/B' |
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Moody's |
'Ba2/NP' |
For further information, please visit www.bankofgeorgiagroup.com or contact:
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Archil Gachechiladze |
Michael Oliver |
Sulkhan Gvalia |
Natia Kalandarishvili |
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CEO |
Adviser to the CEO |
CFO |
Head of Investor Relations |
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+995 322 444 144 |
+44 203 178 4034 |
+995 322 444 108 |
+995 322 444 444 (9282) |
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agachechiladze@bog.ge |
ir@bog.ge |
This 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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