29th Mar 2018 09:59
LONDON (Alliance News) - Georgia-focused investor and bank BGEO Group PLC said Thursday its banking subsidiary has signed a GEL75 million loan agreement with the Black Sea Trade & Development Bank.
BGEO said JSC Bank of Georgia had signed the deal with BSTDB worth GEL75.0 million or GBP22.0 million with tranches up to five years in duration.
The facility will be used to finance the development of Georgian small and medium-size enterprises.
"I am very pleased that Bank of Georgia and our partner BSTDB have once again successfully co-operated on a local currency transaction," JSC Bank of Georgia Chief Executive Officer Kaha Kiknavelidze said. "As the demand for GEL-denominated funding grows year over year we continue to leverage our long-term partnerships with development financial institutions to secure our customers the funding they need. I would like to thank BSTDB for supporting us in our aim to contribute to the further de-dollarisation of Georgia's economy."
In July 2017, the FTSE 250-listed firm announced its intention to demerge the business into two London-listed firms. One business - Bank of Georgia Group PLC - will focus on its banking business whilst the other - BGEO Investments PLC - will hold its other assets including its property arm m2 Real Estate as well as Georgia Healthcare Group PLC, Georgia Global Utilities Ltd and its wine and beverage firm Teliani Valley PLC.
Shares in BGEO were 0.7% higher at 3,582.00 pence on Thursday.
Related Shares:
Bank Of Georgia Group
