TIDMBGEO
RNS Number : 6687R
Bgeo Group PLC
25 September 2017
London, 25 September 2017
London, 25 September 2017
BGEO Group announces changes to its Management Team
BGEO Group PLC (the "Group" or "BGEO"), announces changes and
appointments to the Group's and JSC Bank of Georgia's (the "Bank")
management teams. The new appointments have been made in the light
of the Group's proposed demerger announced on 3 July 2017, in
preparation for which BGEO is separating the Group's and the Bank's
Chief Financial Officer ("CFO") functions and repositioning the
Bank's management team:
-- Giorgi Alpaidze will assume the role of Group CFO with
immediate effect and become the investment business CFO following
completion of the Group's proposed demerger
-- David Tsiklauri has been appointed Chief Financial Officer of the Bank
-- Levan Kulijanishvili has been appointed Deputy CEO, Operations of the Bank
-- Vasil Khodeli has been appointed Deputy CEO, Corporate Investment Banking of the Bank
Giorgi Alpaidze, currently Head of the Group's Finance, Funding
and Investor Relations, has extensive international experience in
banking, accounting and finance. He joined the Group in August 2016
from Ernst & Young LLP's ("EY") Greater New York City's
assurance practice, where he was a senior manager serving EY's
financial services clients. Giorgi started his career at EY Georgia
in 2005 and moved to EY's United States practice in 2010. Giorgi is
a U.S. Certified Public Accountant and received his undergraduate
degree in Business Administration from the European School of
Management in Georgia.
David Tsiklauri, currently Deputy CEO, Corporate Investment
Banking of the Bank, has extensive experience in banking and joined
the Bank in February 2017. Prior to joining the Bank, David served
as Deputy CEO in charge of Corporate Banking at TBC Bank, a
position he held since 2014. Before TBC Bank, he served as Vice
President in the Capital Markets and Treasury Solutions team at
Deutsche Bank since 2011, where he started as an associate in the
Debt Capital Markets Department in 2008. David has an MBA degree
from London Business School.
Levan Kulijanishvili will assume a new role as Deputy CEO,
Operations of the Bank in order to focus on further improvements
and efficiencies in the Bank's operations. Levan joined the Bank in
1997 and served as Group CFO and Deputy CEO, Finance of the Bank,
prior to this appointment. During his 20 years of service with the
Group, Levan has held various senior management positions,
including Head of Compliance and Internal Control (2009 to 2015),
Head of the Internal Audit department (2000 to 2009), Manager of
the Financial Monitoring, Strategy and Planning department (1999 to
2000) and Head of the Financial Analysis division (1997-1999).
Levan holds an MBA degree from Grenoble Graduate School of
Business.
Vasil Khodeli, currently Head of Corporate Banking of the Bank,
will succeed David Tsiklauri as Deputy CEO, Corporate Investment
Banking. Vasil has more than 20 years of banking experience and has
held various roles with the Bank since 2004. He has been actively
involved in shaping the Bank's Corporate Banking business platform
since its launch. Vasil holds an MBA degree from Grenoble Business
School.
The changes to the Bank's management team remain subject to
regulatory approval.
Irakli Gilauri, Group CEO commented: "I am delighted to announce
these appointments which demonstrate the depth of management talent
we have within the Group. Following the announcement of the Group's
intention to demerge into a London-listed banking business and
London-listed investment business, I am confident that the
separation of the CFO functions and repositioning of the Bank's
executive management team will support the successful completion of
the demerger process and will further contribute to the development
of the two independent businesses."
Kaha Kiknavelidze, CEO of the Bank commented: "I want to
congratulate David and Levan on their new roles and welcome Vasil
to the Bank's senior executive management team. They all bring
tremendous professionalism and leadership experience to the
organisation and I strongly believe that the Bank's management team
is appropriately balanced to drive the next phase of the Bank's
success. I look forward to working with the team in their new
capacities as we continue delivering on our key strategic
priorities."
Name of the authorized official of issuer responsible for making
notification: Natia Kalandarishvili, Senior Investor Relations
Manager
About BGEO Group PLC
The Group: BGEO Group PLC ("BGEO"- LSE: BGEO LN) is a UK
incorporated holding company of a Georgia-focused investment
platform. BGEO invests, via its subsidiaries, in the banking and
non-banking sectors in Georgia (BGEO and its subsidiaries, together
the "Group"). BGEO aims to deliver on a 4x20 strategy: (1) at least
20% ROAE from its Banking Business; (2) at least 20% growth of its
Banking Business retail loan book; (3) at least 20% IRR; and (4) up
to 20% of the Group's profit from its Investment Business. On 3
July 2017 BGEO announced its intention to demerge BGEO Group PLC
into a London-listed banking business (the "Banking Business") and
a London-listed investment business (the "Investment Business") by
the end of the first half of 2018.
Banking Business: Currently representing at least 80% of the
Group's profit, will comprise: a) retail banking and payment
services, b) corporate investment banking and wealth management
operations and c) banking operations in Belarus ("BNB"). JSC Bank
of Georgia ("BOG" or the "Bank") is the core entity of the Group's
Banking Business. The Banking Business will continue to target to
benefit from the underpenetrated banking sector in Georgia
primarily through its retail banking services.
Investment Business: Currently representing up to 20% of the
Group's profit, will comprise the Group's stakes in Georgia
Healthcare Group PLC ("Healthcare Business" or "GHG") - an LSE
(London Stock Exchange PLC) premium-listed company, Georgia Global
Utilities ("Utility and Energy Business" or "GGU"), m(2) Real
Estate ("Real Estate Business" or "m(2) "), Teliani Valley
("Beverage Business" or "Teliani") and Aldagi ("Property and
Casualty Insurance Business" or Aldagi"). Georgia's fast-growing
economy provides opportunities in a number of underdeveloped local
markets and the Investment Business will target to capture growth
opportunities in the Georgian corporate sector.
JSC BGEO Group has, as of the Bank of Georgia has, as of the
date hereof, the following credit date hereof, the following credit
ratings: ratings:
Fitch Ratings 'BB-/B' Fitch Ratings 'BB-/B'
Moody's B1/NP (FC) & Moody's 'Ba3/NP' (FC) &
B1/NP (LC) 'Ba2/NP' (LC)
For further information, please visit www.bgeo.com or
contact:
Irakli Gilauri Michael Oliver Giorgi Alpaidze
Group CEO Adviser to the CEO Group CFO
+995 322 444 109 +44 203 178 4034 +995 322 444 190
igilauri@bgeo.com moliver@bgeo.com g.alpaidze@bgeo.com
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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