Bank of Georgia announces name change to Lion Finance Group

(Alliance News) - Bank of Georgia Group PLC on Thursday announced that it has changed its name to Lion Finance Group PLC, to uphold the "continuity" of its lion logo "while marking new beginnings".

The Tbilisi-based lender previously noted its plans for a name change "to reflect our focus on multiple geographies" in February last year, following its acquisition of Ameriabank.

"Our lion logo, inspired by an ancient Georgian artefact, has symbolised strength and heritage since the group's inception," Lion Finance explained on Thursday. "The new name upholds this continuity, while marking new beginnings."

Lion Finance said its core subsidiaries, JSC Bank of Georgia in Georgia and the more recently-acquired Ameriabank CJSC in Armenia, will continue to operate as separate banks.

"The change of name reflects a new chapter in the group's development, as the acquisition of Ameriabank last year enabled us to enter the dynamic, growing, and prudently managed Armenian economy," commented Chair Mel Carvill. "Ameriabank has enhanced the earnings of the Group as it has continued to deliver strong performance, with a robust, c.30% year-on-year loan growth, and many growth opportunities ahead."

Chief Executive Officer Archil Gachechiladze added: "The change in our holding company name reflects our broader presence.

"However, Bank of Georgia and Ameriabank remain as they are, with their unique names and identities unchanged, empowering customers and driving positive impact in their communities."

Shareholdings in Lion Finance will be unaffected by the name change, and the company noted that existing share certificates are still valid and should be retained.

"The registration of the name by Companies House has taken place today and the London Stock Exchange will be updated to reflect the change of name in due course," Lion Finance added.

Shares in Lion Finance were 3.7% higher at 4,790.00 pence in London late on Thursday afternoon.

By Emma Curzon, Alliance News reporter

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