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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


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Bank of Georgia (BGEO)

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Thursday 21 December, 2006

Bank of Georgia


Bank of Georgia
                                    CANADA OR JAPAN

               Bank of Georgia Announces Acquisition Of Aldagi By

                    Its Wholly-Owned Insurance Subsidiary BCI

JSC Bank of Georgia (LSE:BGEO) (GSE:GEB), a leading universal bank in Georgia,
announced today that BCI, its wholly-owned insurance subsidiary, has acquired a
100% equity interest in Aldagi, a leading insurance company in Georgia. The
consideration was GEL13.2 million (US$7.6 million1), of which GEL2.2 million
(US$1.3 million1) is payable after 12 months, subject to holdback provisions.

Aldagi is the leading insurance company in Georgia by Gross Premiums Written
('GPW'), with a 23% market share as at September 30 2006, according to
information published by State Insurance Supervision Service of Georgia. As a
result of this transaction, BCI's pro forma market share in Georgia exceeds 40%.
The overall size of the Georgian insurance (life and non-life) market measured
by GPW, is estimated at approximately GEL68.5 million (US$39.5 million1) based
on the annualized aggregate GPW of GEL51.4 million (US$29.6 million1) for the
nine months ended 30 September 2006. Both BCI and Aldagi, which is expected to
be merged into BCI by June 2007, are licensed to carry out life and non-life
insurance activities.

Lado Gurgenidze, Chairman of the Supervisory Board of Bank of Georgia,
commented, 'I am delighted that the BCI team under Irakli Gilauri's leadership,
has completed the acquisition of Aldagi, thereby creating the market leader in
the Georgian insurance market. Given the current penetration rate estimated at
approximately 0.5%2 of GDP, the insurance sector in Georgia is poised for rapid
growth over the next few years. The acquisition price of Aldagi of GEL13.2
million (US$7.6 million1) results in P/GPW ratio of 0.94, and is significantly
lower than the asking multiples for similar companies in Ukraine and elsewhere
in the CIS. Based on our track record of the timely and successful integration
of our previous acquisitions, in both banking and insurance sectors, I have full
confidence in our team's ability to realize material financial and operational
synergies in the forthcoming integration of Aldagi'.

1 GEL/US$=1.736

2 As of year-end 2005

About Bank of Georgia

Bank of Georgia, a leading universal Georgian bank, is the largest bank by total
assets, gross loans and total equity in the country. The bank has 98 branches
and over 380,000 retail clients. 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, BCI, as well as asset & wealth management

Bank of Georgia has 'B+/B' rating with a stable outlook from Standard & Poor's;
'B3/NP' (FC) and 'Baa3/P-3' (LC) ratings with a stable outlook from Moody's; and
a 'B-/B' credit rating with a positive outlook from FitchRatings.

For further information, please visit or contact:

Bank of Georgia          Bank of Georgia          Bank of Georgia          Shared Value Limited
Lado Gurgenidze          Irakli Gilauri           Macca Ekizashvili        Larisa Kogut-Millings
Chairman of the          Chief Executive Officer  Head of Investor
Supervisory Board                                 Relations
+995 32 444 103          +995 32 444 109          +995 32 444 256          +44 (0) 20 7321 5037
[email protected]       [email protected]          [email protected]                [email protected]

This press release is not an offer of securities for sale in the United States.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended (the 'Securities Act'), and may not be
offered or sold in the United States or to US persons unless the securities are
registered under the Securities Act or an exemption from the registration
requirements of the Securities Act is available. No public offering of the
securities will be made in the United States. Other selling restrictions are

a d v e r t i s e m e n t