Latest Annual Report
Chairman’s statement
“The Group has delivered another year of strong performance, and we look to the future with confidence, backed by a resilient business and a relevant strategy in our core markets. With a strong foundation we are well positioned to pursue growth and high profitability in Georgia and Armenia, while creating opportunities for our stakeholders and delivering shared success.”
Mel Carvill
Board Chairman
Chief Executive Officer’s statement
“The acquisition of Ameriabank, Armenia’s leading bank, was a key milestone that broadened our footprint beyond Georgia. To reflect this evolution, we changed the name of the Company from Bank of Georgia Group PLC to Lion Finance Group PLC, a move that illustrates our vision for the future – one built on international presence, sustainable growth, and long-term value creation.”
Archil Gachechiladze
Chief Executive Officer
Year in review
Entry into Armenia
The Group acquired Ameriabank, the leading and top-ofmind bank in Armenia, #1 in loans and #2 in deposits. This acquisition added GEL 230.2 million to the Group’s profit in 2024 following three quarters of consolidation. Its standalone FY24 profit was GEL 416.1 million.
Global recognition of Bank of Georgia’s digital excellence
Bank of Georgia was named the World’s Best Digital Bank 2024 by Global Finance, an achievement that reflects our commitment to delivering innovative, inclusive and customer-centric digital banking solutions.
Capital management
In April 2024, Bank of Georgia successfully placed a US$ 300 million offering of 9.5% perpetual Additional Tier 1 (AT1) notes. Further, in June 2024, Bank of Georgia redeemed all of the aggregate principal amount of the outstanding US$ 100 million AT1 notes, further highlighting its strong capital position and high levels of internal capital generation.
Sustainable business
We believe understanding and managing ESG risks is crucial to maintaining our financial strength, so our approach to ESG has been integrated in the work we do across the business.
Key developments in 2024
- Updated ESG-related policies, approved by the Board of Directors.
- Established a green loan portfolio target for the first time.
- Started social loan reporting in Georgia in accordance with the NBG’s Social Taxonomy.
- Prepared the Sustainability Report in full compliance with Global Reporting Initiative (GRI) standards.
- Started reporting in alignment with IFRS S2 standards.
- Developed a new green loan product at Bank of Georgia.
- Integrated Ameriabank into the Group’s Sustainability Report for the first time.
