London, 24 July 2014
Bank of Georgia signs a US$20 million trade finance loan agreement
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 signed a US$20 million trade finance loan agreement with Turk Eximbank, the only official Export Credit Agency of Turkey to extend financing to Georgian companies that import Turkish consumer and capital goods to Georgia. The facility will enable both Bank of Georgia and Turk Eximbank to offer the Bank's corporate clients efficient, high quality solutions to diversify financing sources and benefit from growing trade flows between Turkey and Georgia.
For less than 2 year maturity contracts, financing from Turk EximBank to the Bank may be extended to 100% of contract value and financing for longer maturities up to 7 years will be capped to 85%.
"The US$20 million trade finance facility will further strengthen our leading market position in trade finance services and will allow our corporate clients to tap business opportunities arising from long standing economic partnership between Georgia and Turkey," said Nikoloz Gamkrelidze, Bank of Georgia Deputy CEO.
"As one of the few Export Credit Agencies around the world that can provide both insurance/guarantee and direct lending, Turk Eximbank will encourage Turkish and Georgian companies to promote trade relations by extending short term and medium term loans with competitive costs, and will be able to provide 100% financing for short term loans with maturity of less than 24 months" stated Hayrettin Kaplan, General Manager of Turk Eximbank.
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
