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] which, through its subsidiaries, carries out a) retail banking and payment services, and b) corporate investment banking and wealth management operations in Georgia, and c) banking operations in Belarus.[3]

Not to be confused with Georgia Bank & Trust.
Bank of Georgia
TypeJoint Stock Company
LSE: BGEO
GeSE: GEB
IndustryBanking
Financial Services
Founded1903
Headquarters
Tbilisi
,
Georgia
Number of locations
271 branches
Area served
Georgia, Belarus, Hungary, Turkey, United Kingdom, Israel
Key people
Neil Janin
(Non-Executive Chairman)
Archil Gachechiladze
(CEO)
ProductsFinance and insurance
Consumer Banking
Corporate Banking
P&C insurance
Leasing
Trade Finance
Wealth Management
investment management
Mortgages
Card Processing Service
Revenue GEL1,110.3 million (2019)[1]
GEL583.5 million (2019)[1]
GEL514.2 million (2019)[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]

Operations

Bank of Georgia offers the a range of financial products to the retail market; the bank had a network of 271 branches, 886 cash machines and 3,152 express pay terminals as of 31 March 2019.[15]

Shareholders

As at 31 March 2019, the Group’s top three shareholders were JSC Georgia Capital (19.90%), Harding Loevner LP (4.58%) and JP Morgan Asset Management (3.11%).[16]

References
  1. "Annual Results 2019" (PDF). Bank of Georgia. Retrieved 29 February 2020.
  2. "Company Overview of Bank of Georgia Group PLC". Bloomberg. Retrieved 30 June 2017.
  3. "Bank of Georgia Buys Belarus Bank". civil.ge. Retrieved 30 June 2018.
  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. Retrieved 30 June 2018.
  14. "Georgia Capital Eurobond". EBRD. 27 February 2018. Retrieved 3 June 2019.
  15. IFC: Bank of Georgia Group, Annual Report BGEO Group, 28 March 2019
  16. Annual Report Presentation BGEO Group, 14 May 2019
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