18th Sep 2020 10:02
(Alliance News) - Bank of Georgia Group PLC on Friday said it has signed a USD50 million one-year trade finance facility with New York-based bank Citigroup Inc.
The facility was arranged under the continuing agreement for reimbursement of trade advances signed with Citi in 2011 and represents the sixth successful transaction between Citi and Bank of Georgia under the agreement.
Bank of Georgia, which provides retail banking and payment services as well as corporate and investment banking and wealth management operations in Georgia, said the facility's aim its to enhance its offering of trade finance solutions for the corporate and small and medium sized sectors in Georgia.
Chief Executive Archil Gachechiladze said: "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."
Shares in Bank of Georgia were flat at 911.00 pence on Friday morning in London.
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Bank Of Georgia Group