London, 29 August 2014
Bank of Georgia announces rebranding of BG Capital into Galt and Taggart
Bank of Georgia Holdings PLC ("BGH"), the holding company of JSC Bank of Georgia ("the Bank"), Georgia's leading bank, announces that JSC BG Capital ("BG Capital"), the Bank's brokerage arm has been renamed to JSC Galt and Taggart ("Galt and Taggart"). This move aims at bringing together the existing wealth advisory and research products and corporate advisory services under one roof with the consistent branding of the Bank of Georgia group's corporate advisory, private equity, wealth management, brokerage and research businesses. The expansion of the Bank's Investment Management business is aimed at enhancing the Bank's fee generating businesses on the back of the increasing investor interest in the growing economies of the region. Galt and Taggart will operate under the Bank's Investment Management business headed by Archil Gachechiladze, Deputy CEO of the Bank and the Chairman of Galt and Taggart.
"I am very excited about our prospects of establishing a full service Investment Management business building upon both our pioneering success in our wealth management and research services as well as the most extensive coverage of the corporate client base in Georgia. As the largest bank in the country with unique insight into the regional market and solid international investor base, we are well positioned to help investors explore investment opportunities and offer local and regional companies greater access to both equity and debt capital markets. Archil brings more than 10 years of banking experience, including in corporate banking and wealth management businesses in Georgia and private equity business internationally and, I trust, he is the right leader to spearhead Galt and Taggart's business development efforts," commented Irakli Gilauri, Chief Executive Officer of Bank of Georgia.
"Investment management has become one of the key strategic directions in line with the evolving needs of our corporate client base that now increasingly require more sophisticated financials solutions and advisory services and the growing interest from international investor base seeking information and access to the regional markets. I am sharing my excitement with the entire Galt and Taggart team, which is made up of dedicated and talented professionals in their respective fields, as we embark on building a firm that is to play an important role both in the Bank's progress and as well as the Georgia's capital markets development. Through Galt and Taggart we plan to be at the forefront of this process," commented Archil Gachechiladze Deputy CEO of the Bank and Chairman of Galt and Taggart.
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 32.8% market share), total loans (with a 31.6% market share) and client deposits (with a 29.0% market share) as of 30 June 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 30 June 2014, the Bank served approximately 1.3 million client accounts through one of the largest distribution networks in Georgia, with 206 branches, the country's largest ATM network, comprising 510 ATMs, 2,038 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
