Latest Annual Report
Chairman’s statement
“The Group has continued to deliver on its strategic priorities, generating strong top- and bottom-line growth, maintaining high profitability levels, and rewarding shareholders with a robust capital distribution strategy.”
Mel Carvill
Board Chairman
Chief Executive Officer’s statement
“Having acquired Ameriabank, the Group has turned a new page. We are no longer Georgia-focused only, as we used to say, but we remain focused on delivering strong growth and high profitability in Georgia. In Armenia, we will work with the local management team to build on the existing strengths of Ameriabank to drive strong customer franchise growth.”
Archil Gachechiladze
Chief Executive Officer
Year in review
Gamification
We added gamification to BOG APP. Many customers became acquainted with the services and products that we offer in BOG APP. Gamification was the first major product implemented on public cloud.
Digitalisation of deposits for business clients
Digital activation of deposits was previously available only in Business iBank, and in 2023 it was added to Business mBank as well. In addition, we introduced a new deposit product – collectable deposit, currently available only in Business iBank, to promote a savings culture among businesses.
In store BNPL
In 2023, Bank of Georgia launched BNPL for in-store payments, on top of already offering BNPL online. BNPL, available at more than 500 merchants, allows four equal payments spread across four months to be paid back over time, with no interest paid by the consumer.
SOLO X
In early 2023, we introduced SOLO X, in response to the demand from customers seeking to get the same value proposition as SOLO, but without the necessity of having a personal banker and at a lower fee.
sCoolApp
In 2023 we added new features to sCoolApp to further enhance children’s financial education. We launched ‘Stories’, a captivating addition to sCoolApp that puts financial education in the spotlight for young users, on the home screen. Each week sCoolApp’s main dashboard is refreshed with engaging content on effective money management principles.
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 2023
Updated & developed a number of ESG-related policies
Conducted the second ESG Materiality Assessment
Created ESG and Sustainability function
Updated internal sector classification system to NACE2
