Bank of Georgia Group PLC Directorate Change (9317J)
December 10 2018 - 1:01AM
UK Regulatory
TIDMBGEO
RNS Number : 9317J
Bank of Georgia Group PLC
10 December 2018
London, 10 December 2018
Bank of Georgia announces that Kaha Kiknavelidze is to step down
as Chief Executive
The Board of Bank of Georgia Group PLC (the "Group") today
announces that Kaha Kiknavelidze intends to step down from the
Board and as Chief Executive of the Group and of JSC Bank of
Georgia. The Board is now in the process of recruiting Kaha's
successor, and is pleased that Kaha will continue in the role until
a successor can be appointed. Upon his departure from the Chief
Executive role, Kaha has agreed to remain as a Senior Advisor to
the Supervisory Board and the Bank. The Board expects to be in a
position to confirm the new CEO appointment during the first
quarter of 2019.
The Bank recently reported its financial results for the first
nine months of 2018, and current projections for the full-year are
expected to maintain those strong trends, in line with management
expectations.
Neil Janin, Chairman, commented:
"Having recently completed the demerger of Bank of Georgia from
the BGEO Group, Kaha has managed the Bank to deliver its key
objectives of strong profitability and customer lending growth,
during a time of significant corporate and regulatory change. The
Board is pleased with these achievements however, after a period of
reflection, the Board and Kaha have mutually agreed that the time
is now right for a new Chief Executive to take the business to its
next phase and to drive the many new initiatives and opportunities,
in areas such as digitalisation, wealth management, product
innovation and customer service together with further process
automation initiatives. These will continue to sustain the Bank's
superior profitability and earnings momentum.
Kaha has been on the Board of the Group for over 10 years and I
would like to thank him for his considerable achievements and
successes during that period. He has made a significant
contribution to the development of Bank of Georgia into the
successful institution it has become, and I am delighted that he
will remain with us until his successor can be recruited, and
thereafter in a Senior Advisory role."
Kaha Kiknavelidze commented:
"It has been a genuine privilege to have been part of the
success story of Bank of Georgia, and to have led such a great
management team of the last few years. Bank of Georgia has a
fantastic entrepreneurial corporate culture, great people working
within it and a customer franchise that, I believe, is second to
none. These are great foundations for the future development of the
Bank and I wish the Bank of Georgia management team every success
in the years to come."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Name of authorised official of issuer responsible for making
notification:
Natia Kalandarishvili, Head of Investor Relations and
Funding
About Bank of Georgia Group PLC
Bank of Georgia Group PLC ("Bank of Georgia Group" or the
"Group" - LSE: BGEO LN) is a UK incorporated holding company, which
comprises: 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 ("Bank of
Georgia", "BOG" or the "Bank"), the leading universal bank in
Georgia, is the core entity of the Group. The Group targets to
benefit from superior growth of Georgian economy through both its
retail banking and corporate investment banking services and aims
to deliver on its strategy, which is based on at least 20% ROAE and
15%-20% growth of its loan book.
JSC Bank of Georgia has, as of
the date hereof, the following
credit ratings:
Fitch Ratings 'BB-/B'
Moody's 'Ba3/NP' (FC) &
'Ba2/NP' (LC)
For further information, please visit www.bankofgeorgiagroup.com
or contact:
Kaha Kiknavelidze Michael Oliver David Tsiklauri Natia Kalandarishvili
Group CEO Adviser to the Group CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 126 +44 203 178 4034 +995 322 444 108 (9282)
k.kiknavelidze@bog.ge moliver@bgeo.com dtsiklauri@bog.ge ir@bog.ge
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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