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This is when the Bank launched its private banking, placed debut corporate bonds on the Georgian Stock Exchange.<ref>{{cite web|url=https://gse.ge/en/securities/GEB |title=Bank of Georgia JSC|publisher=Georgian Stock Exchange|accessdate=3 June 2019}}</ref>
This is when the Bank launched its private banking, placed debut corporate bonds on the Georgian Stock Exchange.<ref>{{cite web|url=https://gse.ge/en/securities/GEB |title=Bank of Georgia JSC|publisher=Georgian Stock Exchange|accessdate=3 June 2019}}</ref>


In 2006, Bank of Georgia set up a network of self-service terminals nationwide, marking a noteworthy milestone in the advancement of daily banking and payment services.
In 2006, Bank of Georgia listed its shares on the London Stock Exchange in the form of global depositary receipts, the first international IPO from Georgia.<ref>[https://www.reuters.com/article/financial-bank-of-georgia-idUKNOA42721320061124/ Bank of Georgia IPO to raise 83 million pounds] Reuters</ref> The period following the listing was marked by the issuance of the first Eurobond, further acquisitions, and new international partnerships, including with American Express.<ref>{{cite web|url=https://www.americanexpress.com/ge/ka/network|title=American Express|publisher=Bank of Georgia|accessdate=3 June 2019}}</ref> The bank introduced a series of packaged retail products and initiated significant infrastructure upgrades, particularly in on the digital front.


In 2007, Bank of Georgia was listed on the London Stock Exchange through global depositary receipts.<ref>{{cite web|url=https://uk.reuters.com/article/financial-bank-of-georgia/bank-of-georgia-ipo-to-raise-83-million-pounds-idUKNOA42721320061124|title=Bank of Georgia IPO to raise 83 million pounds|publisher=Reuters|date=20 January 2007|accessdate=3 June 2019}}</ref>
In 2007, Bank of Georgia listed its shares on the London Stock Exchange in the form of global depositary receipts, the first international IPO from Georgia.<ref>{{cite web|url=https://uk.reuters.com/article/financial-bank-of-georgia/bank-of-georgia-ipo-to-raise-83-million-pounds-idUKNOA42721320061124|title=Bank of Georgia IPO to raise 83 million pounds|publisher=Reuters|date=20 January 2007|accessdate=3 June 2019}}</ref> The period following the listing was marked by the issuance of the first Eurobond, further acquisitions, and new international partnerships, including with American Express.<ref>{{cite web|url=https://www.americanexpress.com/ge/ka/network|title=American Express|publisher=Bank of Georgia|accessdate=3 June 2019}}</ref> The bank introduced a series of packaged retail products and initiated significant infrastructure upgrades, particularly in on the digital front.

In 2007, Bank of Georgia issued a US$200 million Eurobond – the first international bond offering from Georgia.<ref>[https://bankofgeorgiagroup.com/storage/news/jsc-bank-of-georgia-announces-the-successful-closing-of-its-debut-eurobond-transaction-65.pdf Bank of Georgia Announces The Successful Closing Of Its Debut Eurobond Transaction]</ref> In 2008, the bank has signed an agreement to become exclusive partner of American Express for Credit Card Acquiring and Issuing business in Georgia.<ref>[https://georgiacapital.ge/sites/default/files/1082.pdf JSC Bank of Georgia becomes exclusive partner of American Express for Credit Card Acquiring and
Issuing in Georgia]</ref>

In 2009, Bank of Georgia launched SOLO, a premium banking brand targeting the emerging mass affluent customer segment in [[Georgia (country)|Georgia]].<ref>[https://bankofgeorgiagroup.com/reports/annual/4/download SOLO]</ref>


Bank of Georgia gained a premium listing on the [[London Stock Exchange]] in April 2012.<ref>{{cite web|url=https://www.ft.com/content/c1df34a8-621e-11e1-807f-00144feabdc0|title=Bank of Georgia takes premium LSE listing|date=28 February 2012|publisher=FT.com|accessdate=3 June 2019}}</ref> On 15 June 2012 Bank of Georgia joined the [[FTSE 250 Index]].<ref>{{cite web|url=https://www.bloomberg.com/article/2012-06-07/aarR90ArouIk.html |archive-url=https://web.archive.org/web/20120713020327/https://www.bloomberg.com/article/2012-06-07/aarR90ArouIk.html |url-status=dead |archive-date=13 July 2012 |title= Bank of Georgia Holdings to enter FTSE indices|publisher= Bloomberg|date=1 June 2012|access-date=5 June 2019}}</ref>
Bank of Georgia gained a premium listing on the [[London Stock Exchange]] in April 2012.<ref>{{cite web|url=https://www.ft.com/content/c1df34a8-621e-11e1-807f-00144feabdc0|title=Bank of Georgia takes premium LSE listing|date=28 February 2012|publisher=FT.com|accessdate=3 June 2019}}</ref> On 15 June 2012 Bank of Georgia joined the [[FTSE 250 Index]].<ref>{{cite web|url=https://www.bloomberg.com/article/2012-06-07/aarR90ArouIk.html |archive-url=https://web.archive.org/web/20120713020327/https://www.bloomberg.com/article/2012-06-07/aarR90ArouIk.html |url-status=dead |archive-date=13 July 2012 |title= Bank of Georgia Holdings to enter FTSE indices|publisher= Bloomberg|date=1 June 2012|access-date=5 June 2019}}</ref>

Revision as of 22:02, 18 March 2024

Not to be confused with Georgia Bank & Trust.
Bank of Georgia Group PLC
Georgian: საქართველოს ბანკი
Company typePublic limited company
IndustryBanking
Financial services
Founded1903
Headquarters
Tbilisi
,
Georgia
Area served
Georgia
Key people
Mel Carvill
(Non-Executive Chairman)
Archil Gachechiladze
(CEO)
ProductsRetail banking
Corporate Banking
Trade Finance
Wealth Management
investment management
SME finance
RevenueDecrease GEL2,553.0 million (2023)[1]
Increase GEL1,656.3 million (2023)[1]
Decrease GEL1,397.3 million (2023)[1]
Total assetsIncrease GEL31,757.5 million (2023)[1]
Total equityIncrease GEL5,019.8 million (2023)[1]
Websitebankofgeorgiagroup.com

Bank of Georgia Group PLC (LSE: BGEO) is a UK incorporated financial services holding company with its registered office in London, England, and its corporate headquarters in Tbilisi, Georgia.[2][3]

Bank of Georgia is the main operating subsidiary of Bank of Georgia Group a UK-based[4] holding company Bank of Georgia Group, which is listed on the premium segment of the main market of the London Stock Exchange[5] and is a constituent of the FTSE 250 Index.[6]

The group comprises a retail banking and payments business,[7] and a corporate banking and investment banking business.[7]

History

Bank of Georgia was established in 1994 at the time when the banking industry in Georgia was almost nonexistent. The bank introduced the first plastic card in 1996, followed by the first ATM in Georgia in 1998.[8]

Bank of Georgia was first listed on the Georgian Stock Exchange in 2001. It merged with Tbiluniversalbank in 2004.[9]

Starting from 2004, Bank of Georgia completed a number of strategic acquisitions, introduced a series of packaged retail products and initiated major infrastructure upgrades.[10]

This is when the Bank launched its private banking, placed debut corporate bonds on the Georgian Stock Exchange.[11]

In 2006, Bank of Georgia set up a network of self-service terminals nationwide, marking a noteworthy milestone in the advancement of daily banking and payment services.

In 2007, Bank of Georgia listed its shares on the London Stock Exchange in the form of global depositary receipts, the first international IPO from Georgia.[12] The period following the listing was marked by the issuance of the first Eurobond, further acquisitions, and new international partnerships, including with American Express.[13] The bank introduced a series of packaged retail products and initiated significant infrastructure upgrades, particularly in on the digital front.

In 2007, Bank of Georgia issued a US$200 million Eurobond – the first international bond offering from Georgia.[14] In 2008, the bank has signed an agreement to become exclusive partner of American Express for Credit Card Acquiring and Issuing business in Georgia.[15]

In 2009, Bank of Georgia launched SOLO, a premium banking brand targeting the emerging mass affluent customer segment in Georgia.[16]

Bank of Georgia gained a premium listing on the London Stock Exchange in April 2012.[17] On 15 June 2012 Bank of Georgia joined the FTSE 250 Index.[18]

Bank of Georgia diversified its revenue sources by entering non-banking sectors in healthcare and real estate, which later became the Group's Investment Business arm.[19]

In 2017, the decision was made to demerge BGEO Group PLC into two separately listed and independently managed public companies – Bank of Georgia Group PLC, the Banking Business, and Georgia Capital PLC, the Investment Business. The Demerger was completed on 29 May 2018.[20]

In 2018, Georgia Capital issued Eurobonds which were listed and traded on the Irish Stock Exchange.[21]

In 2020, the European Investment Bank signed a €50 million loan deal with the Bank of Georgia for small and medium enterprises (SMEs) and mid-caps. Bank of Georgia typically lends the funds to local businesses, such as the Swiss Agricultural School Caucasus.[22][23]

In February 2024, Bank of Georgia announced the proposed acquisition of 100% of a leading bank in Armenia, Ameriabank, for approximately $303.6 million.[24]

Operations

Bank of Georgia has one of the largest distribution networks in Georgia, comprising 211 branches, 989 ATMs, 3,134 self-service terminals and a call center.[25]

Bank of Georgia business consists of three key business segments: Retail Banking (RB) operations in Georgia, comprising subsegments that serve mass retail (Mass Retail), and mass affluent and high-net-worth clients (Premium Banking); SME Banking (SME) operations in Georgia, serving small and medium-sized businesses; and Corporate Banking (CB) operations in Georgia, serving corporate and institutional customers.[26]

Bank of Georgia has firmly established itself as one of the key players in the domestic banking sector, accounting for around 40% of total banking sector assets in Georgia.[27][28]

Shareholders

As at 31 March 2022, the Group's top ten shareholders were JSC Georgia Capital (19.90%), Harding Loevner LP (4.30%), Fidelity Investments (3.70%), Van Eck Associates Corporation (3.50%), M&G Investment Management Ltd (3.40%), Dimensional Fund Advisors (DFA) LP (3.40%), Vanguard Group Inc (2.50%), GLG Partners LP (2.40%), Tiger Management LLC (2.10%), Standard Life Investments (2.10%).[29]

References

  1. ^ a b c d e "Annual Results 2023" (PDF). Bank of Georgia. Retrieved 15 March 2024.
  2. ^ "Company Overview of Bank of Georgia Group PLC". Bloomberg. Retrieved 30 June 2017.
  3. ^ "Our Contacts". Bank of Georgia Group. Retrieved 2024-02-19.
  4. ^ Contacts
  5. ^ Bank of Georgia takes premium LSE listing Financial Times
  6. ^ BANK OF GEORGIA GROUP PLC London Stock Exchange
  7. ^ a b "Bank of Georgia Group PLC". Bloomberg. Retrieved 28 April 2022.
  8. ^ Bank of Georgia Today
  9. ^ "Japan and the EBRD" (PDF). EBRD. p. 12. Retrieved 3 June 2019.
  10. ^ Bank of Georgia acquires BCI Archived 2016-03-04 at the Wayback Machine Georgian Messenger, 7 December 2004
  11. ^ "Bank of Georgia JSC". Georgian Stock Exchange. Retrieved 3 June 2019.
  12. ^ "Bank of Georgia IPO to raise 83 million pounds". Reuters. 20 January 2007. Retrieved 3 June 2019.
  13. ^ "American Express". Bank of Georgia. Retrieved 3 June 2019.
  14. ^ Bank of Georgia Announces The Successful Closing Of Its Debut Eurobond Transaction
  15. ^ [https://georgiacapital.ge/sites/default/files/1082.pdf JSC Bank of Georgia becomes exclusive partner of American Express for Credit Card Acquiring and Issuing in Georgia]
  16. ^ SOLO
  17. ^ "Bank of Georgia takes premium LSE listing". FT.com. 28 February 2012. Retrieved 3 June 2019.
  18. ^ "Bank of Georgia Holdings to enter FTSE indices". Bloomberg. 1 June 2012. Archived from the original on 13 July 2012. Retrieved 5 June 2019.
  19. ^ Aldagi BCI acquires controlling interest in Imedi L Archived 2013-09-28 at the Wayback Machine Georgia Today, May 2012
  20. ^ "Bank of Georgia completes demerger". youinvest. Archived from the original on 30 June 2018. Retrieved 30 June 2018.
  21. ^ "Georgia Capital Eurobond". EBRD. 27 February 2018. Retrieved 3 June 2019.
  22. ^ "Georgian farmers get EU backing for a school project that scales up agriculture and education". European Investment Bank. Retrieved 2021-04-20.
  23. ^ "European Investment Bank and Bank of Georgia join forces to support businesses during COVID-19 crisis | EU Neighbours". www.euneighbours.eu. Retrieved 2021-04-20.
  24. ^ "City buying spree continues as London-listed Bank of Georgia swoops for Ameriabank". The Evening Standard. 19 February 2024. Retrieved 19 February 2024.
  25. ^ "BGEO Annual Report 2021". www.bankofgeorgiagroup.com.
  26. ^ BANK OF GEORGIA GROUP PLC London Stock Exchange
  27. ^ World’s Best Digital Banks 2023—Round 1 Global Finance Magazine
  28. ^ Winning The Hearts Of Digital Customers: Q&A With Bank Of Georgia CEO Archil Gachechiladze Global Finance Magazine
  29. ^ "BGEO Annual Report 2021". www.bankofgeorgiagroup.com.
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