Bank of Georgia

Bank of Georgia Group PLC (LSE: BGEO) (“Bank of Georgia Group”, the “Group”, or “BOGG” and on the LSE: BGEO LN) is a UK incorporated holding company.[2] The group comprises a retail banking and payments business,[3] and a corporate banking and investment banking business, both operating in Georgia.[3] The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Not to be confused with Georgia Bank & Trust.
Bank of Georgia PLC
Georgian: საქართველოს ბანკი
TypePLC
LSE: BGEO
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
RevenueIncrease GEL2,002.0 million (2022)[1]
Increase GEL1,243.6 million (2022)[1]
Increase GEL1,132.2 million (2022)[1]
Websitebog.ge boggroup.com

History

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.[4]

Bank of Georgia was first listed on the Georgian Stock Exchange in 2001 and then merged with Tbiluniversalbank in 2004.[5]

Starting from 2004, Bank of Georgia completed a number of strategic acquisitions, introduced a series of packaged retail products and initiated major infrastructure upgrades.[6]

This is when the Bank launched its private banking, placed debut corporate bonds on the Georgian Stock Exchange.[7]

The period following the listing was marked by its first Eurobond issuances, further acquisitions and new partnerships (e.g. American Express).[8]

Bank of Georgia was listed on London Stock Exchange through global depositary receipts in 2007.[9]

Bank of Georgia gained a premium listing on the London Stock Exchange in April 2012.[10] On 15 June 2012 Bank of Georgia joined the FTSE 250 Index.[11]

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.[12]

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.[13]

In 2018, Georgia Capital issued Eurobonds which were listed and traded on the Irish Stock Exchange.[14]

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.[15][16]

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.[17]

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%).[18]

References
  1. "Annual Results 2022" (PDF). Bank of Georgia. Retrieved 16 February 2023.
  2. "Company Overview of Bank of Georgia Group PLC". Bloomberg. Retrieved 30 June 2017.
  3. "Bank of Georgia Group PLC". Bloomberg. Retrieved 28 April 2022.
  4. "BNE talks to the chairman of the Bank of Georgia" Archived 2013-09-28 at the Wayback Machine. BNE, 26 April 2007
  5. "Japan and the EBRD" (PDF). EBRD. p. 12. Retrieved 3 June 2019.
  6. Bank of Georgia acquires BCI Archived 2016-03-04 at the Wayback Machine Georgian Messenger, 7 December 2004
  7. "Bank of Georgia JSC". Georgian Stock Exchange. Retrieved 3 June 2019.
  8. "American Express". Bank of Georgia. Retrieved 3 June 2019.
  9. "Bank of Georgia IPO to raise 83 million pounds". Reuters. 20 January 2007. Retrieved 3 June 2019.
  10. "Bank of Georgia takes premium LSE listing". FT.com. 28 February 2012. Retrieved 3 June 2019.
  11. "Bank of Georgia Holdings to enter FTSE indices". Bloomberg. 1 June 2012. Archived from the original on 13 July 2012. Retrieved 5 June 2019.
  12. Aldagi BCI acquires controlling interest in Imedi L Archived 2013-09-28 at the Wayback Machine Georgia Today, May 2012
  13. "Bank of Georgia completes demerger". youinvest. Archived from the original on 30 June 2018. Retrieved 30 June 2018.
  14. "Georgia Capital Eurobond". EBRD. 27 February 2018. Retrieved 3 June 2019.
  15. "Georgian farmers get EU backing for a school project that scales up agriculture and education". European Investment Bank. Retrieved 2021-04-20.
  16. "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.
  17. "BGEO Annual Report 2021". www.bankofgeorgiagroup.com.
  18. "BGEO Annual Report 2021". www.bankofgeorgiagroup.com.
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