Bank of Georgia Group PLC BOG and CITI sign US$50 mln Trade Finance Facility (3431Z)
September 18 2020 - 1:00AM
UK Regulatory
TIDMBGEO
RNS Number : 3431Z
Bank of Georgia Group PLC
18 September 2020
London, 18 September 2020
JSC Bank of Georgia signs US$50 million Trade Finance Facility
with Citi
Bank of Georgia Group PLC (the "Group") announces that its
subsidiary, JSC Bank of Georgia (the "Bank" or "Bank of Georgia")
has signed a one-year US$50 million Trade Finance Facility (the
"Facility") with Citi. The Facility has been arranged under the
Continuing Agreement for Reimbursement of Trade Advances ("CARTA"),
signed with Citi in 2011, and is the sixth successful transaction
between Citi and Bank of Georgia under this agreement. The Facility
aims to enhance the Bank's best-in-class offering of trade finance
solutions for the Georgian corporate and small and medium sized
(SME) sectors.
Archil Gachechiladze , Bank CEO commented: "I am very glad to
see that Bank of Georgia and our trusted partner Citi continue to
actively cooperate on trade finance deals, which enable us to
strengthen our position as a go-to bank for tailor-made trade
finance products in Georgia. Facilities of this kind are especially
important during these challenging times for our corporate, as well
as SME clients that are actively engaged in export-import
transactions and we aim to remain a reliable financial support for
them. I would like to thank our long-standing partner for another
fruitful collaboration and look forward to working on many more
successful deals in the future. "
Chafic Haddad , EMEA Head of Financial Institutions and
Correspondent Banking, Treasury and Trade Solutions, Citi,
commented: "We are very proud of our long-term relationship with
JSC Bank of Georgia and to have agreed a trade finance facility
with one of the leading financial institutions in Georgia for the
sixth year running. This transaction is the latest notable example
of our continued efforts to support growth in the Georgian banking
sector and more broadly across key developing markets."
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; and b) corporate
and investment banking and wealth management operations in Georgia;
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. In the medium to
long-term, the Group targets to benefit from superior growth of the
Georgian economy through both its retail banking and corporate and
investment banking services and aims to deliver on its strategy,
which is based on at least 20% ROAE and c.15% 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:
Archil Gachechiladze Michael Oliver Sulkhan Gvalia Natia Kalandarishvili
CEO Adviser to the CFO Head of Investor
CEO Relations
+995 322 444 444
+995 322 444 144 +44 203 178 4034 +995 322 444 108 (9282)
agachechiladze@bog.ge moliver@bgeo.com sgvalia@bog.ge ir@bog.ge
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