Bank of Georgia raises GEL 160 million from FMO

RNS Number : 3684W

Bank of Georgia Group PLC

01 August 2018

 

London, 1 August 2018

JSC Bank of Georgia raises GEL 160 million local currency funding from FMO

Bank of Georgia Group PLC ("the Group") announces that JSC Bank of Georgia (the "Bank" or "Bank of Georgia") continues to attract GEL-denominated funding as the Bank and Dutch development bank, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. ("FMO") have signed a GEL 160 million loan agreement with a tenor of five years. The local currency loan facility will reinforce the growth of the Bank's local currency denominated loan portfolio, which underlines the Bank's commitment to support further de-dollarisation of Georgia's economy. FMO raised the local currency funds through a public placement of GEL-denominated bonds on the Georgian Stock Exchange arranged by Galt & Taggart, the Group's wholly owned brokerage arm.

Kaha Kiknavelidze, Bank CEO commented: "I am very pleased that Bank of Georgia and FMO have resumed their long-term co-operation and successfully arranged a local currency facility. We continue to direct our resources at raising GEL-denominated funding for our customers and strengthen our long-term partnerships with development financial institutions in the process. I would like to congratulate FMO on issuing their first GEL-denominated bonds in Georgia and sincerely thank them for choosing Bank of Georgia as their trusted counterparty in the local currency transaction."

Linda Broekhuizen, FMO's CIO added: "This groundbreaking local currency facility marks the first time that FMO has issued a GEL-denominated bond in Georgia. We are proud to partner with Bank of Georgia in this local currency transaction which supports the desired de-dollarisation process in Georgia, stimulating the local economy and capital market development."

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: (1) at least 20% ROAE, and (2) 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:

Kaha Kiknavelidze	Michael Oliver	David Tsiklauri	Natia Kalandarishvili
Group CEO	Adviser to the CEO	Group 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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