1st Aug 2014 11:38
LONDON (Alliance News) - Bank of Georgia Holdings PLC, the holding company of JSC Bank of Georgia, Friday said that the bank's insurance and healthcare subsidiary has been split into two separate business units as it looks to fulfill its strategy of growing in the healthcare industry in Georgia.
It also suggested it could spin off the healthcare business in the future, saying it wanted to "ultimately realise value" in the bank's recent investment in its healthcare operations.
In a statement, the holding company said that JSC Insurance Company Aldagi has been split into a pure-play healthcare business that will provide healthcare services and health insurance products, and a pure-play property and casualty insurance business that will provide life and non-life insurance products.
"As a pure-play healthcare business we are now better positioned to build on our leading position in the rapidly growing Georgian healthcare market. We aim to capitalise on the growth opportunities arising from recent healthcare reform and expect to deliver greater synergies between our healthcare facilities and health insurance businesses," Murtaz Kikoria, Chief Executive Officer of Georgia Healthcare Group, said in a statement.
Aldagi CEO Giorgi Baratashvili said that the company he heads aims to deliver a more focused customer approach across its products and services.
"We also plan to extract more synergies by focusing efforts on cross-selling our insurance products with the bank's retail banking, corporate banking and investment management products," Giorgi Baratashvili, Chief Executive Officer of Aldagi, said.
Bank of Georgia Holdings shares were Friday quoted up 0.2% at 2,440.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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