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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Bank of Georgia Group PLC    BGEO   GB00BF4HYT85

BANK OF GEORGIA GROUP PLC

(BGEO)
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Bank of Georgia : CEO to leave after two years at helm

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12/10/2018 | 02:41am EST

(Reuters) - Bank of Georgia Group Plc Chief Executive Officer Kaha Kiknavelidze will step down after two years in the role, the London-listed lender said on Monday.

His replacement is expected to be named in the first quarter of 2019.

While the bank said it was "pleased" with Kiknavelidze's achievements as CEO, its shares have fallen 46 percent from a record high hit in early January, erasing almost two years of gains.

In contrast, shares in Bank of Georgia's rival and the country's top retail lender, TBC Bank Group Plc, have fallen 16 percent since the start of the year.

The board of directors, after a period of reflection, had agreed with Kiknavelidze that the time was now right for a new CEO to take the business to its next phase, Bank of Georgia said.

Kiknavelidze, who became CEO in 2016 after more than a decade on the board, will stay on as a senior adviser, the Tbilisi-based company said in a statement.

The bank, which was formed when BGEO Group demerged into two entities in May, also reiterated its annual financial targets on Monday.

Bank of Georgia, which offers retail, corporate and investment banking and wealth management, last month reported a double-digit jump in quarterly earnings, benefiting from higher lending amid strong economic growth in the former Soviet republic.

(Reporting by Muvija M in Bengaluru; Editing by Sai Sachin Ravikumar)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF GEORGIA GROUP PLC -4.12% 1668 Delayed Quote.25.27%
TBC BANK GROUP PLC 0.45% 1336 Delayed Quote.-12.62%
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Financials (GEL)
Sales 2018 1 087 M
EBIT 2018 641 M
Net income 2018 377 M
Debt 2018 -
Yield 2018 4,47%
P/E ratio 2018 6,93
P/E ratio 2019 6,36
Capi. / Sales 2018 2,64x
Capi. / Sales 2019 2,33x
Capitalization 2 870 M
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Technical analysis trends BANK OF GEORGIA GROUP PLC
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 75,8  GEL
Spread / Average Target 29%
EPS Revisions
Managers
NameTitle
Archil Gachechiladze Chief Executive Officer & Director
Neil Janin Non-Executive Chairman
Levan Kulijanishvili Deputy Chief Executive Officer-Operations
David Tsiklauri Chief Financial Officer & Deputy CEO
Vakhtang Bobokhidze Chief Information Officer & Deputy CEO
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1st jan.Capitalization (M$)
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