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TBCG - TBC Bank News Story

990p 5.0  0.5%

Last Trade - 25/09/20

Sector
Financials
Size
Mid Cap
Market Cap £546.0m
Enterprise Value £1.37bn
Revenue £307.1m
Position in Universe 493rd / 1808

UPDATE 1-Bank of Georgia CEO to leave after two years at helm

Mon 10th December, 2018 7:39am
(Adds background)
    Dec 10 (Reuters) - Bank of Georgia Group Plc's  BGEO.L 
Chief Executive Officer Kaha Kiknavelidze will step down after
two years in the role, the London-listed lender said on Monday.
    His replacement is expected to be named in the first quarter
of 2019.
    While the bank said it was "pleased" with Kiknavelidze's
achievements as CEO, its shares have fallen 46 percent from a
record high hit in early January, erasing almost two years of
gains.
    In contrast, shares in Bank of Georgia's rival and the
country's top retail lender, TBC Bank Group Plc  TBCG.L , have
fallen 16 percent since the start of the year.
    The board of directors, after a period of reflection, had
agreed with Kiknavelidze that the time was now right for a new
CEO to take the business to its next phase, Bank of Georgia
said.
    Kiknavelidze, who became CEO in 2016 after more than a
decade on the board, will stay on as a senior adviser, the
Tbilisi-based company said in a statement.  urn:newsml:reuters.com:*:nRSJ9317Ja
    The bank, which was formed when BGEO Group demerged into two
entities in May, also reiterated its annual financial targets on
Monday.
    Bank of Georgia, which offers retail, corporate and
investment banking and wealth management, last month reported a
double-digit jump in quarterly earnings, benefiting from higher
lending amid strong economic growth in the former Soviet
republic.

 (Reporting by Muvija M in Bengaluru; Editing by Sai Sachin
Ravikumar)
 ((Muvija.M@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 3638; Reuters Messaging:
muvija.m.thomsonreuters.com@reuters.net))
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