BGEO announces its intention to demerge BGEO Group

BGEO announces its intention to demerge BGEO Group

BGEO Group PLC (“BGEO Group”) announces today its intention to demerge BGEO Group into a London-listed banking business (Bank of Georgia Group PLC – “Bank of Georgia” or “Bank”) and a London-listed investment business (BGEO Investments PLC – “BGEO Investments”). The Board of BGEO Group believes a demerger of the businesses will deliver additional long-term value to shareholders by creating two distinct entities, each of which will have enhanced growth opportunities in the strongly growing Georgian economy. Both businesses are already leaders in their respective fields, with separate strategic, capital, and economic characteristics and strong and knowledgeable management teams.

Bank of Georgia will continue to be a fully-licenced and regulated, systemically important, universal banking business focused on Georgia with industry-leading characteristics. Bank of Georgia will comprise the retail banking and payment services (Retail Banking), corporate and investment banking and leasing services (CIB) and wealth management operations of BGEO Group, as well as its banking operations in Belarus. The property and casualty insurance operations of BGEO Group (“Aldagi”) are expected to be transferred to BGEO Investments, which will allow Bank of Georgia to focus more closely on its core banking business, and Aldagi to develop its business independently in the still very much underpenetrated Georgian insurance market.

The senior management team of Bank of Georgia will continue to be led by Kaha Kiknavelidze as CEO, and will be unchanged from its current structure. Neil Janin, currently the Non-Executive Chairman of BGEO Group, will become the Non-Executive Chairman of Bank of Georgia.

Once demerged, BGEO Investments will be the only publicly listed Georgia-focused investment platform. It will comprise:  BGEO Group’s stake in Georgia Healthcare Group PLC (“GHG”) – the largest integrated healthcare company, operating hospital and outpatient services, pharmacy retail chains and a medical insurance business in the fast-growing predominantly privately owned Georgia healthcare ecosystem. GHG is separately listed on the premium segment of the London Stock Exchange with a market capitalisation of £476 million as of 30 June 2017; and will continue to be led by Nikoloz Gamkrelidze as CEO.  Georgia Global Utilities (“GGU”) – the major utility and energy company in Georgia, with clear growth opportunities and room to improve efficiency. Archil Gachechiladze will continue to lead GGU as CEO. m 2 Real Estate – a fast-growing, leading real estate developer and asset manager in Georgia. Irakli Burdiladze will continue to lead m2 Real Estate as CEO.  BGEO Group’s stake in Teliani Valley – a wine and beverage business. Shota Kobelia will continue to lead Teliani Valley as CEO. In addition, it is expected that, following the demerger, BGEO Investments will hold:  A 9.9% stake in Bank of Georgia. The largest property and casualty insurance company in Georgia – Aldagi. Giorgi Baratashvili will continue to lead Aldagi as CEO.

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