We are a Georgia focused investment platform, aiming to deliver on 4x20 strategy

Our Business

We are a Georgia-focused banking group with an investment arm, aiming to deliver on 4x20 strategy. We are uniquely positioned to capture growth opportunities in the underpenetrated banking sector and wider corporate landscape in Georgia.

Banking Business
Retail Banking

Client-centric, multi-brand strategy for our c.2 million clients

We are the largest retail banking player in Georgia, serving c.2.0 million customers through the widest network of 266 branches, 746 ATMs and 2,589 Express Pay (self-service) terminals, a sales force of more than 3,000 people, along with our diverse products and services. Our Retail Banking business, the prominent ingredient of our business, runs a client-centric, multibrand strategy which reaches the entire spectrum of retail customers through three well-established and recognised brands:

1) Express – designed to magnetise emerging retail customers with minimal incremental operational costs through cost-efficient distance channels such as our Express Pay terminals, internet and mobile banking and technology-intensive Express branches;

2) Bank of Georgia – providing the long-established traditional banking services to our mass retail and MSME clients;

3) Solo – targeting mass of affluent customers and providing a unique blend of banking and lifestyle products and services.

Corporate Banking

Integrated solutions for our CB clients 

Our bank is long-standing and the largest corporate lender in the country with deep sector knowledge and local expertise. Our Corporate Banking business is characterised by outstanding flexibility in meeting our corporate clients’ needs and offers the most comprehensive range of products and services in the country. We are proud to accommodate more than 5,000 businesses in Georgia and play our part in developing various sectors of the economy such as trade, energy, industry and tourism, among others. Corporate Banking additionally serves as the country’s leading trade finance business and provides leasing services through the Group’s wholly owned subsidiary, Georgian Leasing Company (GLC).

Note: In February 2016, we announced combination of our Corporate Banking and Investment Management businesses into a Corporate Investment Banking business (CIB). 

Investment Management

At the forefront of capital markets development in Georgia

Our Investment Management business combines Wealth Management and our brokerage arm, a wholly owned subsidiary of Bank of Georgia, Galt & Taggart. An established leader of investment banking and investment management services in Georgia, Galt & Taggart is at the forefront of capital markets development in the country, bringing corporate advisory, private equity and brokerage services under one brand. Accommodating international clients from more than 70 countries, our Wealth Management business provides private banking services to our high-net-worth individual clients and offers investment management products internationally through representative offices in London, Budapest, Istanbul and Tel Aviv. These businesses leverage our superior knowledge and capabilities in the Georgian and neighbouring markets both in terms of reach and our expertise. Galt & Taggart Research currently covers the Georgian and Azeri economies and publishes Georgian sector research (subscription to the research on www.galtandtaggart.com).

Corporate Investment Banking

In February 2016, we announced the combination of our Corporate Banking and Investment Management businesses into a Corporate Investment Banking business (CIB). The merged Corporate Banking and Investment Management business will leverage our superior knowledge and capital markets capabilities in the Georgian and neighbouring markets both in terms of reach and the expertise that we have accumulated during the past several years through our corporate advisory, research and brokerage practices united under Galt & Taggart – a wholly owned subsidiary of Bank of Georgia, which is at the forefront of capital markets development in the country.

Investment Business
Georgia Healthcare Group (GHG)

A long-term, high-growth investment story

GHG is the single largest scale healthcare services and medical insurance provider operating in the fast-growing, predominantly privately-owned, Georgian healthcare market, which is characterised by low utilisation and high fragmentation, leaving significant room for medium-to-long term growth. The healthcare services market (including hospitals and ambulatory clinics) is estimated at GEL 2.1 billion for 2015, with a strong compound growth momentum of 13.5% between 2011 and 2014, which is expected to continue growing at 13.3% during the period 2014-2018. Healthcare services spending per capita is currently at a very low base of only US$ 217, with annual outpatient encounters of only 2.7 per capita and hospital bed utilisation of only 50%, all significantly lower than many comparable countries. Supportive government reforms and the engagement of private players in the sector have resulted in significant improvements in the overall standard of infrastructure and greatly boosted demand for quality healthcare services. With GHG’s scale, efficient operations, breadth and quality of service offering and proven management team, the management of GHG believes that GHG is ideally positioned to take advantage of the expected long-term macroeconomic and structural growth drivers favourably influencing the Georgian healthcare services market. In November 2015, GHG completed an initial public offering on the premium segment of the London Stock Exchange (GHG:LN). BGEO holds a 65% stake in GHG.

m2 Real Estate (m2)

A fast-growing, leading real estate developer in Georgia

Our real estate business, the Group’s wholly owned subsidiary, m2 Real Estate, develops residential property in Georgia. For the past couple of years it has established itself as one of the most recognizable and trustworthy residential housing brands in the country. m2 Real Estate outsources the construction and architecture works while focusing on project management and sales. The Group’s real estate business was founded to meet the unsatisfied demand for housing through our well-established branch network and sales force, while stimulating our mortgage lending business. As of 2015, m2 Real Estate completed sales of 1,660 apartments worth US$ 142.3 million since 2011 with 85% of apartments sold in six successfully completed projects and 36% pre-sales in two ongoing projects. The number of apartments financed with our mortgages in all m2 Real Estate projects totalled 788, with an aggregate amount of GEL 86.7 million as of 2015.

Georgian Global Utilities (GGU)

Major utility and energy company, with more efficiency and clear growth opportunities

GGU, in which we acquired a 25% minority interest in December 2014, has two main business lines – water utility and electric power generation—and is a major player on both markets. In its water utility business, GGU is a natural monopoly that supplies water and provides a wastewater service to 1.4 million people (approximately one-third of Georgia’s population) in three cities: Tbilisi, Mtskheta and Rustavi. In electric power business, GGU owns and operates three hydropower generation facilities with a total capacity of 143MW. Generated power is primarily used by GGU’s water business, with the excess amount of generated capacity sold to third parties. GGU posted EBITDA of GEL 63.2 million in 2015. Since 2014, BGEO Group put in place a strong management team and streamlined operations, however we see room for further improvement.

Teliani Valley

Creating a leading beverages producer and distributor in Caucasus

We operate the largest wine business in Georgia, Teliani, where we have a 71% shareholding. Teliani has a strong existing franchise, being a leading wine producer with a wide distribution platform. Teliani sells 3 million bottles of wine annually, with 60% of sales coming from exports. Building on its existing franchise of distribution, Teliani is currently expanding into a new business line of beer and soft beverage production, with ten-year exclusivity from Heineken to sell in three countries: Georgia, Armenia and Azerbaijan – a total population of 17 million people. With strong management team and a proven track record, Teliani aims to become a leading beverages producer and distributor in the Caucasus.

Our business model is simple and purpose built to capture growth opportunities in Georgia


We are a Georgia focused banking group with an investment arm. We have a successful track record of delivering profitable growth for almost a decade, growing our market capitalisation by more than 60 times to over US$1.3 billion.

Our banking business includes retail banking, corporate banking and investment management and comprises at least 80% of our profit. Our investment business, which includes healthcare, real estate development, utility businesses and legacy investments, comprises up to 20% of our profit. We are the market leader in all our business lines. At the core of our success lie strengths and capabilities that we have built over the last decade to create superior value for our shareholders as we follow – and in many ways lead – Georgia on its path to prosperity.


Regular dividends

Capital returns

Cash buffer


Banking Business

(P&C Insurance)
(Bank in Belarus)

Investment Business

(Real Estate)
(Renewable Energy)
Teliani Valley

At the core of our success, both in banking and investment businesses, lie our strengths and capabilities that we have built over the last decade to create superior value for our shareholders as we follow – and in many ways lead – Georgia’s path to prosperity.

1. Unrivalledstrength of the franchise
We are market leaders in all of our businesses offering the
most comprehensive range of products and services in Georgia
  • No.1 bank by market share in total assets – 33.4%
  • No.1 bank by market share in client deposits – 33.0%
  • No.1 bank by market share in total loans – 32.0%
  • No.1 in healthcare services sector – 26.6% by beds
  • No.1 insurance business – 38.4% (Health), 37.8% (P&C and Life)
  • Largest real estate business
  • Largest utilities business
  • Largest wine business
Undisputed leader in retail banking with the widest segment offering through our three well-established and trusted brands with distinctive culture and values
  • 1,999,869 total retail banking clients, of which:
  • 376,700 Express clients (emerging retail segment)
  • 1,611,300 Bank of Georgia clients (mass retail and MSME segment)
  • 11,869 Solo clients (mass affluent segment)

2. Unmatched scale and distribution
Extensive reach through the largest distribution network in the country translating into superior cross selling ability, significant economies of scale and efficiency gains
  • c.2.0 million Retail Banking customers
  • 1,390 wealth management clients from 68 different countries
  • 266 bank branches, 746 ATMs, 8,102 POS terminals, 2,589 Express Pay terminals, 3,335 sales force
  • 45 healthcare facilities and 2,670 hospital beds, located in six regions that contain two-thirds of the population of Georgia
  • 87 points of sale and more than 200 account managers servicing over 250,000 P&C insurance clients
  • m2 Real Estate developed 1,669 apartments in six completed projects and 838 apartments in two ongoing projects
  • Supplying water to over 1.2 million population in Georgia
  • Selling 3 million bottles of wine in over 26 countries annually
3. Leader in banking technologies
Extensive reach through the largest distribution network in the country translating into superior cross selling ability, significant economies of scale and efficiency gains
  • 89,000 active internet banking users, up 22.6% y-o-y
  • 48,000 mobile banking users, up 63.9% y-o-y
  • Transactions executed through remote channels increased nearly twofold vs only 13.8% increase through tellers
Capturing more than half of the merchant-acquiring network in the country
  • 8,102 POS terminals
4. Comprehensive local knowledge
Deep insight into the Georgian market through trusted relationships with our extensive client base and coverage across all sectors of the economy
  • c.5,000 Corporate Banking customers
  • c.90,000 SME and micro customers
Strong research capabilities through Galt & Taggart Research, providing unmatched insight in the Georgian macro and main sectors of the Georgian economy (www.galtandtaggart.com)
  • Georgian macroeconomic research
  • Azerbaijan macroeconomic research
  • Georgian sector research including: Energy, Real Estate, Agriculture, Tourism, Wine, Healthcare
  • Fixed income corporate research including: Georgian Railway and Georgian Oil and Gas Corporation
  • Weekly news coverage, including market data and economic updatest
Loan collection systems and an in-house developed and maintained credit scoring system, translates into deep insight into bankable population and customer behaviour – a distinctive competitive advantage of the Bank
  • 531,350 individuals scored in 2015
5. Access to capital markets and superiority in liability management
Superior access to both equity and debt capital, provides flexibility with liability management and is our key competitive advantage in realising our ambition to capture attractive investment opportunities in Georgiaa
  • IPO on the LSE in 2006 (first from Georgia and second from the CIS)
  • US$ 200 million bond issue in 2007 (first from Georgia)
  • Premium listing on the LSE in 2012 (first from Georgia)
  • US$ 114 million capital raised in 2014
  • US$ 363 million Eurobond outstanding (only private issue from the Caucasus)
  • US$ 100 million IPO of GHG, our healthcare subsidiary, on the premium segment of the London Stock Exchange (first non-financial company to list from the region)
Undisputed leader in the local capital market industry through Galt & Taggart, and Bank of Georgia custodyy
  • c.GEL 100 million local corporate bonds placed by Galt & Taggart in 2015
  • The only international sub-custodian in the region through State Street, Citi and Deutsche Bank
  • Exclusive partner of Saxo Bank since 2015
The strength of our franchise and brand name translates into pricing power driving down Cost of Deposits. The ability to replace more costly borrowings with cheaper funding also leads to improved funding costs
  • Lower deposit rates than offered on the market
  • Cost of Client Deposits 4.3% in 2015, down from 7.5% in 2010
  • Cost of Funds 5.1% in 2015, down from 8.2% in 2010
6. Robust governance aligned with UK corporate governance code
Culture of transparency and adherence to robust governance
  • Premium listed company on the LSE
  • Component of FTSE 250 Index
  • Fully independent Non‑Executive Directors on the Board
Pimarily deferred share-based compensation for top executives of the Group, aligning long-term shareholder interests with management reward
  • More than 80% of total compensation for each Management Board member comprises shares with a vesting period
  • No cash bonuses for senior management since 2011
7. Strong management skills with proven track record
As an employer of choice, attracts top talent both at senior and middle management levels
  • Western educated professionals with work experience at leading financial institutions such as Lehman Brothers, Bear Stearns, etc.
Proven track record in creating superior value for its shareholders through banking and investment businesses
  • Market valuation at US$ 1.0 billion, up x50 since 2004
  • As a result of GHG IPO, we achieved 121% IRR on our investment in GHG
  • IRR of >30% in completed real estate projects