BGEO appoints new utilities unit chief, bank restructure

BGEO Group said it had appointed a new chief executive to its utilities unit as it prepares for an IPO, while also unveiling a restructuring at Bank of Georgia.

The FTSE 250-listed outfit said Archil Gachechiladze, currently a deputy chief executive of the bank, had been appointed as chief executive Georgia Global Utilities.

He will be replaced by David Tsiklauri, who will also lead the bank's corporate investment banking department.

BGEO said it was is splitting the retail banking business into two separate directions as part of its plan to make retail banking at least 65% of the Bank's loan book.

It said Mikheil Gomarteli, deputy CEO at the Bank, will continue to lead the express bank operations (emerging retail segment) and Bank of Georgia brand operations (mass retail segment).

Ramaz Kukuladze will be appointed a second deputy CEO at the bank, and will lead its small and medium banking business and premium retail banking business.