BOG healthcare completes acquisition of Avante

RNS Number : 6662B

Bank of Georgia Holdings PLC

06 March 2014

 

London, 6 March 2014

Bank of Georgia's healthcare subsidiary completes the acquisition of 100% equity interest in Avante

Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank, announces that Unimed Kakheti LLC, the wholly-owned healthcare subsidiary of JSC Insurance Company Aldagi ("Aldagi"), the Bank's healthcare and insurance subsidiary, has increased its stake in Avante Management Group ("Avante"), from 80% to 100%. Aldagi acquired an 80% equity interest in Avante in February 2014, and the remaining 20% interest in March 2014.

Avante owns four hospitals with a total of 578 beds located in Tbilisi and Batumi and is the second largest healthcare provider in Georgia by number of beds, after Aldagi. Following the acquisition, Aldagi has 36 healthcare facilities and 1,907 hospital beds in Georgia.

About Bank of Georgia Holdings PLC

Bank of Georgia Holdings PLC is a UK-incorporated holding company of Bank of Georgia. Bank of Georgia is the leading Georgian bank, based on total assets (with a 33.8% market share), total loans (with a 32.5% market share) and total deposits (with a 30.4% market share) as of 31 December 2013, all data based on standalone financial information filed by banks in Georgia with the National Bank of Georgia. The Bank offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients.

Bank of Georgia has, as of the date hereof, the following credit ratings:

Standard & Poor's	'BB-/B'
FitchRatings	'BB-/B'
Moody's	'B1/NP' (FC) & 'Ba3/NP' (LC)

For further information, please visit www.bgh.co.uk, www.bog.ge/ir or contact: 

Irakli Gilauri	Nikoloz Gamkrelidze	Macca Ekizashvili
Chief Executive Officer	Deputy CEO, Finance	Head of Investor Relations
[phone]	[phone]	[phone]
[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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