13th Aug 2019 09:12
(Alliance News) - Bank of Georgia Group PLC said Tuesday it has signed a one-year USD50 million trade finance facility with US-based investment bank Citigroup Inc.
The facility has been arranged under a continuing agreement for reimbursement of trade advances, signed by both banks in 2011.
The facility will look to enhance Bank of Georgia's offering of trade finance solutions for small and medium sized businesses, particularly those engaged in export-import transactions.
"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 important 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," said Chief Executive Officer Archil Gachechiladze.
Shares in the FTSE 250-listed Georgian bank were up 0.5% at 1,338.00 pence on Tuesday in London.
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