BOG and CITI sign US$50 mln Trade Finance Facility

RNS Number : 3431Z

Bank of Georgia Group PLC

18 September 2020

 

London, 18 September 2020

JSC Bank of Georgia signs US$50 million Trade Finance Facility with Citi

Bank of Georgia Group PLC (the "Group") announces that its subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia") has signed a one-year US$50 million Trade Finance Facility (the "Facility") with Citi. The Facility has been arranged under the Continuing Agreement for Reimbursement of Trade Advances ("CARTA"), signed with Citi in 2011, and is the sixth successful transaction between Citi and Bank of Georgia under this agreement. The Facility aims to enhance the Bank's best-in-class offering of trade finance solutions for the Georgian corporate and small and medium sized (SME) sectors.

Archil Gachechiladze , Bank CEO commented: "I am very glad to see that Bank of Georgia and our trusted partner Citi continue to actively cooperate on trade finance deals, which enable us to strengthen our position as a go-to bank for tailor-made trade finance products in Georgia. Facilities of this kind are especially important during these challenging times for our corporate, as well as SME clients that are actively engaged in export-import transactions and we aim to remain a reliable financial support for them. I would like to thank our long-standing partner for another fruitful collaboration and look forward to working on many more successful deals in the future. "

Chafic Haddad , EMEA Head of Financial Institutions and Correspondent Banking, Treasury and Trade Solutions, Citi, commented: "We are very proud of our long-term relationship with JSC Bank of Georgia and to have agreed a trade finance facility with one of the leading financial institutions in Georgia for the sixth year running. This transaction is the latest notable example of our continued efforts to support growth in the Georgian banking sector and more broadly across key developing markets."

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; and b) corporate and investment banking and wealth management operations in Georgia; 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. In the medium to long-term, the Group targets to benefit from superior growth of the Georgian economy through both its retail banking and corporate and investment banking services and aims to deliver on its strategy, which is based on at least 20% ROAE and c.15% 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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