BGEO's Bank of Georgia signs loan deal with Symbiotics

BGEO Group announced on Wednesday that its banking business subsidiary, JSC Bank of Georgia, has signed a loan agreement with Symbiotics - a Swiss investment company active in emerging and frontier economies.

The FTSE 250 firm said the GEL-denominated loan facility, totaling GEL 25m ($10m) and with a maturity between two and three years, would be used to support Georgia's micro, small and medium sized enterprises with their increasing local currency financing needs.

“I am pleased that Bank of Georgia continues to actively establish new partnerships with financial institutions in order to secure local currency financial solutions for its clients and further support the de-dollarisation process in the country,” said Bank of Georgia CEO Kaha Kiknavelidze.

“This local currency loan agreement is Bank of Georgia's first transaction with Symbiotics, and the first step towards long-term successful co-operation.”

Daniel Schriber, director of investments at Symbiotics, added that his organisation was “proud” to partner Bank of Georgia.

“[We are] glad to support the growth of Georgian micro, small and medium sized enterprises via this local currency loan in the context of the de-dollarisation of the country.”