Bank of Georgia

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Not to be confused with Georgia Bank & Trust.
Bank of Georgia
Type Joint Stock Company , Public Limited Company
Traded as LSEBGEO 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 Neil Janin
(Chairman)
Irakli Gilauri
(CEO)
Products Finance and insurance
Consumer Banking
Corporate Banking
Insurance
Leasing
Trade Finance
Wealth Management
Private Equity
Mortgages
Card Processing Services
Revenue Georgian Lari 545.5 million (2013)[1]
Operating income Georgian Lari 258.1 million (2013)[1]
Profit Georgian Lari 209.3 million (2013)[1]
Website bankofgeorgia.ge bogh.co.uk

Bank of Georgia offers retail banking, corporate banking, asset and wealth management, brokerage and insurance 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[edit]

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]

Bank of Georgia former head office building (1994-2011) at the Freedom Square in Tbilisi

Operations[edit]

Bank of Georgia is based in the capital, Tbilisi, and has 197 branches.[21]

References[edit]

External links[edit]