Bank of Georgia - What's Going Down?
Georgian banking stocks have continued to be sold off today after Friday's weakness, with Bank of Georgia (BGEO) now down about 8% since Thursday's close. BGEO took part in an investor day on Friday alongside Georgia Capital, which featured speeches from the Georgian PM and economy minister. The government speeches were, as usual, highly upbeat, with bold plans for delivering further strong economic growth for Georgia - the Economy Ministry targets average GDP growth of 7.2% in 2018-23, with un/underemployment in the agricultural sector targeted to fall from 64% to 35%. So why the share price weakness?
BGEO Group is a holding company. Together with its subsidiary, JSC Bank of Georgia (the Bank) and other subsidiaries, Co. makes up a group of companies that provide banking, insurance, real estate, utility, leasing, beverage production and distribution, brokerage and investment management services to corporate and individual customers. Co. has two operating segments: banking business, which comprises: retail banking and payment services, corporate investment banking and wealth management operations and banking operations in Belarus; and investment business, which comprises Co.'s stakes in Georgia Healthcare Group PLC, Georgia Global Utilities, m2 Real Estate, Aldagi and Teliani Valley.
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