Georgian Banks - Tbilisi Trip Notes
We were in Tbilisi this week, attending the investor day of Bank of Georgia (BGEO; HOLD, TP GBP20.50), seeing some newer parts of the ecosystem development at TBC Bank (TBC; HOLD, TP GBP14.70), catching up with the National Bank of Georgia (NBG), and trying to get a sense of the implications of the ongoing protests and recently announced Russian flight ban.
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.
TBC Bank Group is a holding company. Through JSC TBC Bank and its subsidiaries, Co. is engaged in universal banking operations that include corporate, small and medium enterprises, retail and micro operations within Georgia.
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