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Significant Changes Take Place in the Structure of BGEO

Significant Changes Take Place in the Structure of BGEO

BGEO Group PLC (the “Group” or “BGEO”), announces a key Group management appointment and key management appointments and a refreshed business unit structure at JSC Bank of Georgia (“BoG” or the “Bank”).

Archil Gachechiladze will be appointed CEO of Georgia Global Utilities (“GGU”), the utilities and energy business of the Group. David Tsiklauri will be appointed to the position of Deputy CEO at the Bank, and will lead the Bank’s Corporate Investment Banking Department (“CIB”), replacing Archil Gachechiadze.

The Bank is splitting the Retail Banking business into two separate directions, to be managed by two Deputy CEOs of the Bank. Mikheil Gomarteli, Deputy CEO at the Bank, will continue to lead the Express Bank operations (emerging retail segment) and Bank of Georgia brand operations (mass retail segment).

Ramaz Kukuladze will be appointed Deputy CEO at the Bank, and will lead the Bank’s Small and Medium banking business (“SME”) and premium retail banking business (“Solo”) However, the group has already announced expecting changes.