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IFC Capitalization Fund gives Bank of Georgia USD65m loan.

BANKING AND CREDIT NEWS-February 7, 2014-IFC Capitalization Fund gives Bank of Georgia USD65m loan

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Bank of Georgia Holdings PLC, the holding company of JSC Bank of Georgia, on Thursday announced that it has received a USD65m subordinated loan facility from IFC Capitalization Fund.

The loan facility has a maturity of ten years and is intended to allow the bank to further optimise its cost of funding.

Chief executive officer of the bank Irakli Gilauri said "I am pleased with the opportunity to once again join forces with IFC and successfully close this important transaction. The subordinated loan facility, which qualifies as Tier II Capital will improve the overall capitalisation of the Bank, while at the same time help to drive down our cost of funding as it enables us to repay more costly subordinated facilities. I would like to thank our long-standing partner and shareholder IFC for continuous collaboration and our funding team for the successful completion of the transaction."

Bank of Georgia Holdings PLC is a UK-incorporated holding company of Bank of Georgia, a Georgian bank which offers a range of corporate and retail banking, wealth management, brokerage and insurance services.

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Publication:M2 Banking & Credit News (BCN)
Date:Feb 7, 2014
Words:211
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