Bank of Georgia Signs $75 Million Trade Finance Facility with ADB, IFC, Citibank

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TBILISI, GEORGIA (23 August 2017) — Bank of Georgia has signed a $75 million one-year Club Trade Finance Facility (Club Trade Facility) arranged by Citi with the Asian Development Bank (ADB) and the International Finance Corporation (IFC), a member of the World Bank Group. ADB supported the facility through the Trade Finance Program (TFP) in the form of a guarantee and IFC provided funding through its Global Trade Liquidity Program in place with Citi.

This is the fourth Club Trade Facility arranged by Citi for Bank of Georgia, which attracted several international investors during the syndication. Proceeds of this year’s Club Trade Facility will support import and export transactions for top corporate customers of Bank of Georgia, increasing the volume and value of trade transactions in Georgia’s key economic sectors, including agribusiness, transportation, and energy.

“As the leading trade finance business provider in the country, Bank of Georgia puts a great importance on consistently providing the best solutions to its clients,” said Kaha Kiknavelidze, CEO of Bank of Georgia. “This new facility will further strengthen the bank’s position in the trade finance segment and will help us meet the evolving needs of our corporate client base. We are very pleased to once again cooperate with our established partners and I would like to take the opportunity to thank Citi, ADB, and IFC for their continuous successful collaboration.”

“Citi’s global reach and expertise in financing trade flows puts us in the ideal position to help support progress and growth in developing markets,” said Peadar Mac Canna, EMEA Head of Trade Finance at Citi. “By facilitating this landmark Club Trade Facility for Bank of Georgia, we have been able to form a partnership with a number of industry professionals to ensure we can provide the ideal solution for Bank of Georgia’s trade financing needs.”

“ADB is delighted to be part of this transaction with Bank of Georgia, Citi, and IFC through the Trade Finance Program,” said Nana Khurodze, Relationship Manager at ADB. “Through this facility, Bank of Georgia will be able to grow its trade finance operations to support more importing and exporting companies, including small and medium-sized businesses. This will support growth and job creation in Georgia.”

ADB’s TFP in Georgia has supported over $91 million in trade through 45 transactions since 2011. Out of this, 31% have been SME-related deals.

“Bank of Georgia is one of IFC’s key partners in Europe and Central Asia, and it has played a critical role in expanding trade into new markets and helping local SMEs grow and create jobs,” said Jan van Bilsen, IFC Regional Manager for the South Caucasus. “IFC’s participation in this recent transaction through its Global Trade Liquidity Program is yet another way to ensure the availability of funds to local enterprises, helping facilitate trade and drive job creation.”

About Bank of Georgia

Bank of Georgia is a leading Georgian bank, based on total assets (33.8% market share), total loans (31.5% market share), and client deposits (31.5% market share) as of 30 June 2017. The bank offers a broad range of retail banking, corporate banking, and investment management services. As of 30 June 2017, the bank served approximately 2.2 million client accounts through one of the largest distribution networks in Georgia, with 275 branches, the country’s largest ATM network, comprising 827 ATMs, 2,789 self-service terminals, and a full-service remote banking platform and a modern call center. For more information, visit www.bog.ge.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.

About Citi Treasury and Trade Solutions

Citi Treasury and Trade Solutions (TTS) enables our clients’ success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions, and public sector organizations across the globe. Based on the foundation of the industry’s largest proprietary network with banking licenses in over 100 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry’s most comprehensive range of digitally enabled treasury, trade, and liquidity management solutions.

About ADB

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members—48 from the region. In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing.

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