Bank of Georgia (GSE: GEB)announced today the appointment of Lado Gurgenidze as Chief Executive Officer. Lado, a career banker who resides in London, will take up his appointment at GEB in early Octo
September 15, 2004 (Press Release) --
JSC Bank of Georgia, a Leading Georgian Bank, Appoints Lado Gurgenidze as Chief Executive Officer.
Commenting on the medium-term outlook for the bank and the Georgian banking sector in general, Lado Gurgenidze stated “given the dramatic improvement in Georgia’s political and economic outlook in 2004 and the banking sector stability, thanks to the prudent regulatory approach by the National Bank, we believe that in two or three years established international banks may well wish to add Georgia to their Eastern European and CIS footprint.In the meantime, I believe that portfolio investors will continue to embrace Bank of Georgia as a leveraged play on the country’s economic growth and the only investable public stock in Georgia.”
Lado, 33, brings 10 years of investment banking experience to the bank, having originated and executed over 25 transactions in a variety of sectors in Europe, the United States and emerging European markets. Most recently, Lado, served as Managing Director and Regional Manager, Europe at Putnam Lovell NBF, a leading investment banking firm focusing on the financial services sector. Both at Putnam Lovell NBF and previously, as Managing Director and Global Head of Technology Corporate Finance at ABN AMRO in 2001-2003, Lado has focused on the Financial Technology sector, and is widely recognized by market participants as a leading authority on the sector. Lado has advised leading vendors of software, solutions and services to the financial services industry such as, for instance, SWIFT, Radianz, Reuters and Telerate.
In 1995-2001, Lado focused on emerging European markets and was responsible for ABN AMRO’s corporate finance franchise in Russia & the CIS (in 1997-1998) and subsequently (in 1998-2000) for ABN AMRO’s M&A advisory franchise in Central and Eastern Europe and the CIS. During this period, Lado originated and executed transactions for a variety of clients, including Marconi, Global One (now part of Equant), Golden Telecom, UPC, Wirtualna Polska, Merloni Elettrodomestici, SNAM, News Corp and Andrew Corporation. In recognition of ABN AMRO’s leading market share in mergers & acquisitions in Russia in 2000 – a direct result of the pipeline of transactions originated and executed under Lado’s leadership – ABN AMRO was awarded The Best M&A House in Russia Euromoney Award for Excellence. Lado conducted undergraduate studies at the Tbilisi State University and Middlebury College and has an MBA degree from the Goizueta Business School of Emory University.
About Bank of Georgia
Bank of Georgia is a leading Georgian universal bank, with an approximately 19% market share in loans and 17% market share in deposits. The bank markets and distributes a wide spectrum of retail products through its extensive branch network, and offers a full range of commercial banking and investment banking (through its affiliate, Galt & Taggart Securities) services to corporate clients. As at 30 June 2004, the bank had GEL 270.3 million in assets. In 2003, the bank earned net income of GEL 9.2 million.
Commenting on the medium-term outlook for the bank and the Georgian banking sector in general, Lado Gurgenidze stated “given the dramatic improvement in Georgia’s political and economic outlook in 2004 and the banking sector stability, thanks to the prudent regulatory approach by the National Bank, we believe that in two or three years established international banks may well wish to add Georgia to their Eastern European and CIS footprint.In the meantime, I believe that portfolio investors will continue to embrace Bank of Georgia as a leveraged play on the country’s economic growth and the only investable public stock in Georgia.”
Lado, 33, brings 10 years of investment banking experience to the bank, having originated and executed over 25 transactions in a variety of sectors in Europe, the United States and emerging European markets. Most recently, Lado, served as Managing Director and Regional Manager, Europe at Putnam Lovell NBF, a leading investment banking firm focusing on the financial services sector. Both at Putnam Lovell NBF and previously, as Managing Director and Global Head of Technology Corporate Finance at ABN AMRO in 2001-2003, Lado has focused on the Financial Technology sector, and is widely recognized by market participants as a leading authority on the sector. Lado has advised leading vendors of software, solutions and services to the financial services industry such as, for instance, SWIFT, Radianz, Reuters and Telerate.
In 1995-2001, Lado focused on emerging European markets and was responsible for ABN AMRO’s corporate finance franchise in Russia & the CIS (in 1997-1998) and subsequently (in 1998-2000) for ABN AMRO’s M&A advisory franchise in Central and Eastern Europe and the CIS. During this period, Lado originated and executed transactions for a variety of clients, including Marconi, Global One (now part of Equant), Golden Telecom, UPC, Wirtualna Polska, Merloni Elettrodomestici, SNAM, News Corp and Andrew Corporation. In recognition of ABN AMRO’s leading market share in mergers & acquisitions in Russia in 2000 – a direct result of the pipeline of transactions originated and executed under Lado’s leadership – ABN AMRO was awarded The Best M&A House in Russia Euromoney Award for Excellence. Lado conducted undergraduate studies at the Tbilisi State University and Middlebury College and has an MBA degree from the Goizueta Business School of Emory University.
About Bank of Georgia
Bank of Georgia is a leading Georgian universal bank, with an approximately 19% market share in loans and 17% market share in deposits. The bank markets and distributes a wide spectrum of retail products through its extensive branch network, and offers a full range of commercial banking and investment banking (through its affiliate, Galt & Taggart Securities) services to corporate clients. As at 30 June 2004, the bank had GEL 270.3 million in assets. In 2003, the bank earned net income of GEL 9.2 million.
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