-Bank of Georgia closes Ukrainian brokerage unit.
Global Banking News - 01 November 2011
Bank of Georgia (LSE: BGEO) has said that it has closed the Ukrainian unit of its brokerage operation, BG Capital, based in Kiev, amid the changing business and political climate in the country.
'In line with Bank of Georgia's strategy to focus more on its home market, and given the changing business and political climate in Ukraine, the Bank has decided to close BG Capital's Ukrainian office,' said chief executive, Nick Piazza, adding 'As of today, the Kiev office is officially closed.'
BG Capital will no longer cover or make a market in Ukrainian stocks, the bank said.
[Editorial queries for this story should be sent to email@example.com]
((Distributed via M2 Communications - http://www.m2.com))