REG - Bank of Georgia Grp - BOGG announces changes to management team

Bank of GeorgiaAnnouncement

17/05/2022 10:00

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RNS Number : 7585L  Bank of Georgia Group PLC  17 May 2022

London, 17 May 2022

 

 

 

Bank of Georgia Group PLC Announces Changes to Executive Management Team

 

Bank of Georgia Group PLC (the "Group") announces changes to JSC Bank of
Georgia's (the "Bank" or "Bank of Georgia") executive management team, with
effect from 1 July 2022, subject to necessary regulatory approval.

 

David Chkonia, currently serving as Director of International Business, will
be appointed as Deputy CEO - Chief Risk Officer, replacing George Chiladze,
who has served in this role since 2013. Mr Chkonia joined the Bank in 2021
and, with more than 20 years in financial services, he brings broad experience
and strong expertise in risk management to this role.

 

In addition, Vakhtang Bobokhidze, Deputy CEO in charge of digital channels,
information technology, and data analytics, has decided to step down from
executive role and remain as non-executive strategic advisor to CEO. His three
deputies will continue to perform their respective duties. The Group will
inform the market of any further changes.

 

"On behalf of the Bank's executive management team, I want to thank George for
his invaluable contributions to Bank of Georgia during many years of service
with us," said Archil Gachechiladze, CEO of Bank of Georgia. "I'm pleased to
announce the appointment of David Chkonia to his new role. David is an
established leader with extensive international experience in risk management,
and I have confidence that David will further strengthen the risk management
function at Bank of Georgia, enabling us to build a more resilient and
sustainable organisation."

 

 

 

About David Chkonia:

Mr Chkonia joined JSC Bank of Georgia in March 2021 as senior advisor and was
promoted to Director of International Business in March 2022. Prior to joining
the Bank, he held senior positions in local and international organisations,
including as Deputy CEO-Chief Risk Officer at TBC Bank, Director at BlackRock
in London, where he advised financial institutions and regulators on risk
management, balance sheet strategy and regulation, Senior Vice President at
PIMCO, responsible for the risk advisory practice. In 2009-2011, Mr Chkonia
worked at European Resolution Capital, helping European banks with NPL
management and recovery strategies. In 2005, Mr Chkonia joined Goldman Sachs
in the EMEA Structured and Principal Finance team, where he completed a number
of innovative financing transactions in the infrastructure and real estate
sectors and worked on restructuring assignments. Mr Chkonia holds a BSc from
San Jose State University and an MBA from the Wharton School of the University
of Pennsylvania.

 

 

 

Name of authorised official of issuer responsible for making notification:
Nini Arshakuni, Head of Investor Relations

 

About Bank of Georgia Group PLC

 

Bank of Georgia Group PLC ("Bank of Georgia Group" or the "Group" and on the
LSE: BGEO LN) is a UK incorporated holding company. The Group mainly
comprises: a) retail banking and payment business (Retail Banking); and b)
corporate banking and investment banking operations (Corporate and Investment
Banking) in Georgia.  JSC Bank of Georgia ("Bank of Georgia", "BOG", or the
"Bank"), a systematically important and leading universal bank in Georgia, is
the core entity of the Group. The Bank is a leader in the payments business
and financial mobile application, with strong retail and corporate banking
franchises. In line with our digital strategy, the Group focuses on expanding
technological and advanced data analytics capabilities to offer more
personalised solutions and seamless experiences to our customers. Employee
empowerment, customer satisfaction, and data-driven decision-making, together
with the strength of the banking franchise, are key enablers of the Group's
sustainable value creation. By building on its competitive strengths and
uncovering more opportunities, the Group is committed to delivering strong
profitability sustainably and maximising shareholder value. The Group expects
to benefit from the growth of the Georgian economy, and through both its
Retail Banking and Corporate and Investment Banking operations, it aims to
deliver on its strategy and its key medium-term objectives  ̶  at least 20%
return on average equity (ROAE) and c.10% growth of its loan book.

 

 JSC Bank of Georgia has, as of the date hereof, the following credit ratings:

 Fitch Ratings  'BB-/B'
 Moody's        'Ba2/NP'

 

For further information, please visit www.bankofgeorgiagroup.com
(http://www.bankofgeorgiagroup.com) or contact:

 

 Archil Gachechiladze   Michael Oliver                              Sulkhan Gvalia                          Nini Arshakuni
 CEO                    Adviser to the CEO                          CFO                                     Head of Investor Relations
 +995 322 444 144       +44 203 178 4034                            +995 322 444 108                        +995 322 444 444 (7515)
 agachechiladze@bog.ge  moliver@bgeo.com (mailto:moliver@bgeo.com)  sgvalia@bog.ge (mailto:sgvalia@bog.ge)  ir@bog.ge

 

This news report is presented for general informational purposes only and
should not be construed as an offer to sell or the solicitation of an offer to
buy any securities

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