12th May 2015 12:51
LONDON (Alliance News) - Bank of Georgia Holdings PLC, the holding company of JSC Bank of Georgia, Tuesday said the bank has integrated retail lender Privatbank Georgia ahead of schedule.
Acquired in January, Privatbank's integration was expected to take between nine and 12 months.
"We are 6 months ahead of capturing our previously announced pre-tax administrative and funding cost synergies of GEL25 million. Additionally, Privatbank was focused on a mono-product of an all-in-one debit and credit card, which we further developed in-house and added contactless transport and payment capabilities of our Express Card. We are aiming to leverage the enhanced capabilities of Express Banking, to capture increased revenue from cross-selling banking products to the circa 400,000 newly acquired customers," Irakli Gilauri, chief executive, said in a statement.
Bank of Georgia shares were up 0.5% at 1,809.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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