Bank of Georgia

History

2024: Ameriabank Purchase

On February 19, 2024, the Georgian financial group Bank of Georgia Group PLC (BOGG) announced the conclusion of an agreement on the acquisition of Ameriabank, one of the largest banks in Armenia, co-owned by billionaire Ruben Vardanyan. The transaction amount is approximately $303.6 million. Read more here.

2022

Closing the accounts of Russians without explanation

In December 2022, Bank of Georgia began to massively close accounts with Russian citizens . BOG customers began to receive SMS notifications with the text: "We inform you that based on the decision and internal policy of the bank, your account will be closed within five business days. Please reset your invoices before the specified date. " The specific reason for the blocking in the bank is not indicated.

Repentance is required from Russians to open an account

In March 2022, in Georgia, when opening an account with Bank of Georgia, they decided to force Russians to repent of military special operations in Ukraine and Georgia, as well as support for the annexation of Abkhazia to Georgia. Otherwise, the account will not be opened.

Another TBC Bank just doesn't open accounts.

Soon, the Bank of Georgia refused to demand repentance and began to issue unusual coupons.

2021: Summing up the results of digitalization

At the end of February 2022, the Bank of Georgia summed up the results of its digitalization in the country. Successful results in particular are provided by partnership with Medallia and Salesforce, noted in the credit institution.

Among the main technological innovations, the Bank of Georgia included:

• digital cards;
• Peer-to-Peer (P2P) Payments
• Split invoice payment costs
• launch of an investment service;
• a fully digital consumer lending process;
• online purchases in installments and credit;
• digital registration;
• built-in online chat;
• a complete redesign of the internet banking platform.

Bank of Georgia summed up the results of its digitalization

Complete processing and individualization of the consumer lending flow led to a rapid increase in the speed of sale of the Bank's products by 48% - from 21% in the first half of 2021 to 31% by the end of 2021. The Bank of Georgia reports an almost doubled customer loyalty index in 2021 to 47% (an increase of 20 points since 2017).

It is noted that the large-scale transition to digital technologies led to an increase in the number of active individual users of Internet banking, which by the end of 2021 amounted to about 60% of the client base, two years earlier the figure was 38%. About 41% of them are active daily.

Designed for instant business transactions, payments, accounting, bank transfers and various administrative tasks, the Mobile Bank for Business was developed and launched in 2021, taking into account the concept of full digital experience.

The Bank drew attention to the high value of such a service as a virtual personal financial manager, which allows customers to plan a budget, manage personal finances, monitor expenses and set a savings goal for managing funds.

Through partnerships with one of the world's leading venture capital and start-up accelerators, 500 Global, and the Georgian Agency for Innovation and Technology (GITA), the bank has paved the way for global entrepreneurs in the region in 11 different business verticals - from solutions for e-commerce both credit artificial intelligence infrastructure and credit infrastructure to modern technologies in agriculture, logistics and real estate.^[1]

Notes