2nd Feb 2016 07:44
LONDON (Alliance News) - BGEO Group PLC on Tuesday said it has merged its corporate banking and investment management units into a single division.
The company, the holding company for Bank of Georgia, will merge the two units into a Corporate Investment Banking division with a view to growing its fee income, improving returns and reducing the concentration risk in its corporate lending portfolio.
Archil Gachechiladze, BGEO's chief financial officer and deputy chief executive of the investment management unit, will become the head of the merged business, with Sulkhan Gvalia, deputy chief executive of corporate banking, to leave the bank.
Levan Kulijanishvili, deputy chief executive of finance for BGEO, will now take over as chief financial officer in Gachechiladze's stead.
"I am confident that Archil, who has effectively led both the Corporate Banking and Investment Management businesses in recent years, is best suited to successfully integrate these businesses to facilitate our continued commitment to growing Bank of Georgia's strong corporate banking and advisory franchise," said Irakli Gilauri, BGEO's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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