BGEO Group PLC (the “Group” or “BGEO”), a Georgia focused investment platform, announces that its banking subsidiary, JSC Bank of Georgia (the “Bank” or “BOG”) has agreed to acquire, for cash, a micro and small business portfolio from JSC ProCredit Bank Georgia (“ProCredit Bank”) – currently the third largest bank in Georgia by total assets and market share of gross loans. The transaction will add c.2,400 micro and small business clients and a net value of c.GEL 120 million loans to the BOG’s retail banking loan portfolio. This transaction, which largely reflects individual loans of less than US$ 100,000 value, further strengthens BOG’s position in the small business and micro segments. The transaction directly serves the Bank’s strategic target to enhance its retail business by growing the micro, small and medium sized enterprise loan portfolios within the next three years.
