London, 26 June 2014
Bank of Georgia receives EUR 18.5 million loan from EFSE
Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank, announces that the Bank has received a EUR 18.5 million senior loan from the European Fund for Southeast Europe (EFSE). The loan is expected contribute to expanding the Micro and Small Enterprise (SME) lending of the Bank.
"With more than 20% of its business loan portfolio dedicated to Micro, Small and Medium Enterprises (MSME), and one of the largest branch networks in the country reaching small entrepreneurs, Bank of Georgia is a significant player in the microfinance segment in the country, hence an excellent partner for the EFSE," says Monika Beck, Chairperson of the Board of the EFSE. "We are pleased to further expand our yet excellent partnership and to jointly work on reaching the EFSE's goal to foster economic development and prosperity in its target regions."
"I am delighted to join forces with EFSE to finance the micro and small enterprise businesses, which represent one of the most important contributors to the economic growth and job creation in Georgia. This facility, as well as increasing our competitive position in the micro and small enterprise sector also reinforces our commitment to supporting small businesses in the country", commented Irakli Gilauri, CEO of Bank of 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 34.1% market share), total loans (with a 31.7% market share) and client deposits (with a 30.2% market share) as of 31 March 2014, 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 and healthcare services to its clients. As of 31 March 2014, the Bank served approximately 1.3 million client accounts through one of the largest distribution networks in Georgia, with 203 branches, the country's largest ATM network, comprising 497 ATMs, 1,423 Express pay (self-service) terminals and a full-service remote banking platform and a modern call center.
Bank of Georgia has, as of the date hereof, the following credit ratings:
Standard & Poor's |
'BB-/B' |
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FitchRatings |
'BB-/B' |
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Moody's |
'B1/NP' (FC) & 'Ba3/NP' (LC) |
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For further information, please visit www.bgh.co.uk, www.bog.ge/ir or contact:
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
