Bank of Georgia plans to obtain premium listing on LSE
TBILISI. Sept 5 (Interfax) - Bank of Georgia announced Monday that it plans to obtain a premium listing on the London Stock Exchange. It will reregister as a British company that will become a holding company for the entire bank group.
Bank of Georgia GDR have been quoted on the LSE since 2006. The Bank will now exchange these GDR for new common shares in the British holding company, Bank of Georgia said.
A premium listing is expected to raise liquidity and capitalization.
Bank of Georgia assets total around $2.5 billion. Shareholders are Bank of New York (Nominees) Limited (90.96%) and East Capital Financial Institutions II AB (4.36%). The Bank accounts for more than a third of all assets in Georgia's banking system. Capitalization now stands at $450 million.
Standard & Poor's in late August affirmed the long- and short- term counteragent credit ratings for Bank of Georgia at B/B with a positive outlook. The Bank has shown high profit indicators and a reduction to less than 4% for problem loans.