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.
(c) Banknews
30 Июнь, 2022 at 08:40
JSC Bank of Georgia signs a US$50 million additional tier 1 capital perpetual subordinated syndicated facility agreement
Bank of Georgia Group PLC (the “Group”) announces that its subsidiary, JSC Bank of Georgia (the «Bank» or “Bank of Georgia”) today signed US$ 50 million Additional Tier 1 Capital Perpetual Subordinated Syndicated Facility (the “Facility”), with the European Bank for Reconstruction and Development (“EBRD”) and Swedfund International AB (“Swedfund”) as Lenders. The Facility is callable by the Bank after 5 years from the disbursement date and on every subsequent interest payment date, subject to prior consent of the National Bank of Georgia. On closing, subject to the National Bank of Georgia’s approval, the facility is expected to be included in additional Tier 1 capital of the Bank.
The Facility includes a green component, whereby the Bank is expected to identify and apply amounts equal to the AT1 Capital Loan into Green Economy Transition (GET)-eligible investments. EBRD will also provide a grant for a technical cooperation programme to support Bank of Georgia in its green financing initiatives.
Archil Gachechiladze, Bank of Georgia’s Chief Executive Officer, commented: «I am delighted that our long-standing and very successful partnerships with EBRD and Swedfund have now extended to an inaugural Additional Tier 1 Capital Facility with a green component for Bank of Georgia. This syndicated facility provides the Bank with an opportunity to further diversify its capital structure from a foreign currency perspective, and the green component will enhance our existing environmental and social commitments. I would like to thank EBRD and Swedfund for their support, and hope to have further successful transactions with them in the future.»
Francis Malige, EBRD’s Managing Director, Financial Institutions, commented: “This is EBRD’s first-ever perpetual subordinated Additional Tier I Capital Loan. I am very pleased to sign it with our longstanding partner Bank of Georgia, a bank of systemic importance. This loan will boost Bank of Georgia’s capital base, provide a natural hedge against currency fluctuations and support continuous flow of credit to Georgia’s real economy. I am also particularly happy to commend Bank of Georgia for its commitment to deploy the full amount of the loan to green investments that meet EBRD’s strict eligibility criteria for the Green Economy Transition.”
Maria Håkansson, Swedfund’s Chief Executive Officer, commented: “It is important for us to support a leading and systemically important bank in Georgia. We look forward to continued partnership and collaboration with Bank of Georgia. This is Swedfund’s second investment in Bank of Georgia with the purpose to support financial inclusion and a sustainable green transition. Bank of Georgia has a broad customer base, a well-diversified loan portfolio and strong presence in all major sectors of the Georgian economy, as well as a proven track record of supporting SMEs. Swedfund is investing in parallel with EBRD with the purpose to facilitate the expansion of the Bank’s portfolio of green finance projects.”