Acquisition of a leading e-commerce platform

RNS Number : 4599C

Bank of Georgia Group PLC

17 June 2019

 

London, 17 June 2019

Bank of Georgia Group acquires one of the leading e-commerce platforms in Georgia

Bank of Georgia Group PLC ("the "Group" or "Bank of Georgia Group") announces the acquisition of one of the leading Georgian e-commerce platforms, extra.ge (the "Platform"). The Platform facilitates consumer-to-consumer (C2C) and business-to-consumer (B2C) sales through its website and social media channels. extra.ge currently has c.350,000 returning visitors per month. Around 80,000 registered buyers and sellers and c.100,000 products and services are currently listed on the Platform. Importantly, extra.ge is visible and well represented on search engines.

The acquisition is in line with Bank of Georgia Group's strategy to be at the top of digital offering in the local market. This will provide our existing and potential clients unique opportunities to get even more benefits from their relationship with Bank of Georgia. With the Group's support, extra.ge will transform into an even more vibrant and dynamic full-scale digital marketplace with a much richer variety of goods and services, and a more enjoyable shopping experience. extra.ge will enable customers to conclude their online shopping experience with the best possible price-to-value purchase. Customers will also be able to access their Bank of Georgia banking products in a fully integrated way: extra.ge will be integrated with Bank of Georgia's current flexible single sign-on and payment system and will offer the Bank's pre-approved instant installment loans to enable its customers to purchase selected products.

Archil Gachechiladze, the Group CEO commented: "I am very pleased that we continue to successfully expand our footprint in digital platforms that create a great value for our clients. extra.ge will become our new digital offering built around the simplicity and convenience of a value-enhancing single umbrella model, which enables the stakeholders to make the best deals with each other, and rely on superior financial services offered by Bank of Georgia. Bank of Georgia's retail and micro, small and medium-sized enterprise clients will enjoy the excellent opportunities of a new consumer experience and doing business in a dynamic and flexible digital marketplace."

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 investment banking and wealth management operations and c) banking operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of Georgia", "BOG" or the "Bank"), the leading universal bank in Georgia, is the core entity of the Group. The Group targets to benefit from superior growth of the Georgian economy through both its retail banking and corporate investment banking services and aims to deliver on its strategy, which is based on at least 20% ROAE and 15-20% growth of its loan book. 

JSC Bank of Georgia has, as of the date hereof, the following credit ratings:
Fitch Ratings	'BB-/B'
Moody's	'Ba3/NP' (FC) & 'Ba2/NP' (LC)

For further information, please visit www.bankofgeorgiagroup.com or contact:

Archil Gachechiladze	Michael Oliver	Sulkhan Gvalia	Natia Kalandarishvili
CEO	Adviser to the CEO	CFO	Head of Investor Relations
[phone]	[phone]	[phone]	[phone] (9282)
[e-mail]	[e-mail]	[e-mail]	[e-mail]

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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