Bank of Georgia

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Not to be confused with Georgia Bank & Trust.
Bank of Georgia
Joint Stock Company , Public Limited Company
Traded as LSE: BGEO GeSE: GEB
Industry Banking
Financial Services
Founded 1903
Headquarters Tbilisi, Georgia
Number of locations
 197 branches
Area served
 Georgia, Israel, United Kingdom, Hungary
Key people
 Irakli Gilauri
(Chairman)
Murtaz Kikoria
(CEO)
Products Finance and insurance
Consumer Banking
Corporate Banking
Insurance
Leasing
Trade Finance
Wealth Management
Private Equity
Mortgages
Card Processing Services
Revenue Georgian Lari 861.6 million (2015)[1]
Georgian Lari 359.4 million (2015)[1]
Profit Georgian Lari 310.9 million (2015)[1]
Website bankofgeorgia.ge bogh.co.uk

Bank of Georgia offers retail banking, corporate banking, wealth management, brokerage and insurance and healthcare services. Bank of Georgia’s UK incorporated holding company, Bank of Georgia Holdings plc, is listed on the main market of the London Stock Exchange (BGEO:LN[2]) and is a constituent of the FTSE 250 Index. Bank of Georgia remains to be the only Georgian entity to be rated by all three global rating agencies: ‘BB-/B'[3] from Standard & Poor's, ‘B1/NP’ (FC) & ‘Ba3/NP’ (LC)[4] from Moody’s and ‘BB-/B’[5] from Fitch Ratings.

History

The bank was established in 1903, nationalized by the communists and became known as Binsotsbank before it was privatized again and renamed the Bank of Georgia in 1994.[6]

Bank of Georgia was first listed on the Georgian Stock Exchange in 2001 and then merged with Tbiluniversalbank in 2004.[7] In 2004 Bank of Georgia acquired the BCI insurance company.[8]

In November 2006, Bank of Georgia became the first company from Georgia and the second bank from the CIS to list its shares in the form of GDRs on the London Stock Exchange.[9] Then in December 2006 Bank of Georgia's insurance subsidiary, BCI, announced the acquisition of the Aldagi Insurance Company.[10] In 2006 Bank of Georgia acquired Intellect Bank’s assets and liabilities.[11]

In 2007 Bank of Georgia acquired 98.77% of Universal Bank of Development & Partnership in Ukraine (later renamed BG Bank).[12] Then in May 2008, Bank of Georgia bought a 70% equity interest in Belarusky Narodny Bank, a Belarus Bank.[13] In 2009 the Bank started to issue the American Express Card and the American Express Gold Card issued in Georgia.[14] In 2010 Bank of Georgia sets up a UK subsidiary company, Bank of Georgia Representative Office UK Limited in London.[15] In 2011 Bank of Georgia sold its 80% interest in BG Bank of Ukraine.[16] In fall of 2011 Bank of Georgia moves to its new Headquerters.[17] In February 2012 Bank of Georgia gained a premium listing on the London Stock Exchange.[18] In May 2012 Aldagi BCI acquired a controlling interest in Imedi L, a large insurer.[19] On 15 June 2012 Bank of Georgia joined the FTSE 250 Index.[20] In December 2014 Bank of Georgia announced the acquisition of PrivatBank Georgia.[21]

Bank of Georgia, Headquarters Georgia, Tbilisi, Gagarini str. 29a

Operations

Bank of Georgia is based in the capital, Tbilisi, and has 197 branches.[22]

References

  1. ↑ 1.0 1.1 1.2 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ "BGEO:LN". Londonstockexchange.com.
  3. ↑ BB-/B
  4. ↑ "Moodys assigns PBa3 provisional ratings to notes". Moodys.com.
  5. ↑ "Fitch affirms four Georgian banks" (as BB-/B). Reuters.com. June 14, 2013.
  6. ↑ "BNE talks to the chairman of the Bank of Georgia". BNE, 26 April 2007
  7. ↑ "Japan and the EBRD" (PDF), p. 12.
  8. ↑ Bank of Georgia acquires BCI Georgian Messenger, 7 December 2004
  9. ↑ Fitch Affirms Four Georgian Banks.
  10. ↑ "Bank of Georgia Buys into Aldagi Insurance Company". Civil.ge, 22 December 2006.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Bank of Georgia Buys Ukrainian Bank Civil.ge, 11 October 2007
  13. ↑ Bank of Georgia Buys Belarus Bank Georgian Daily, 13 May 2008
  14. ↑ American Express business credit cards available for Georgian companies Georgia Today, 9 February 2012
  15. ↑ Bank of Georgia sets up Representative Office Bloomberg
  16. ↑ Bank of Georgia sells Ukraine subsidiary Reuters, 11 February 2011
  17. ↑ Bank of Georgia announces its move to new Headquarters Investgate, December 2011
  18. ↑ Georgian state railway builds up steam ahead of London IPO City AM, 17 April 2012
  19. ↑ Aldagi BCI acquires controlling interest in Imedi L Georgia Today, May 2012
  20. ↑ Bank of Georgia Holdings to enter FTSE indices Bloomberg, June 2012
  21. ↑ Bank of Georgia to acquire PrivatBank’s Georgian subsidiary bank, Privatbank, 5 December 2014
  22. ↑ IFC: Banking On Women – Changing the Face of the Global Economy IFC, 7 September 2012

External links

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