Lion Finance Group (BGEO LN) shares closed at GBP 106.10/share (-8.77% w/w and +6.15% m/m). More than 320k shares traded in the range of GBP 104.20 - 118.20/share. Average daily traded volume was 59k in the last 4 weeks. The volume of BGEO shares traded was at 0.74% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 43.15/share (-10.29% w/w and +1.17% m/m). More than 351k shares changed hands in the range of GBP 43.00 - 48.05/share. Average daily traded volume was 70k in the last 4 weeks. The volume of TBCG shares traded was at 0.63% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 35.75/share (-4.03% w/w and +9.83% m/m). More than 318k shares traded in the range of GBP 35.00 - 37.40/share. Average daily traded volume was 64k in the last 4 weeks. The volume of CGEO shares traded was at 0.91% of its capitalization. 

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In the FTSE 100, Bank of Georgia joins global giants such as HSBC, BP, Unilever, Rolls-Royce, Shell, Barclays, and others.Lion Finance Group will officially join the index on March 20, 2026, after the stock exchange closes, with the change taking effect on March 23, 2026.“Lion Finance Group’s inclusion in the FTSE 100 is recognition of the value created by our group. This achievement highlights the strength of our strategy, innovative technology, and customer-centric approach in Georgia and Armenia. I believe this recognition will further boost international interest and attract new investments. This milestone is the result of the professionalism and joint effort of every member of our team,” said Archil Gachechiladze, CEO of Lion Finance Group.For context, Lion Finance Group is a banking group listed on the London Stock Exchange that unites leading, customer-focused, digitally accessible universal banks, including Bank of Georgia and Ameriabank.The group was first listed on the London Stock Exchange in 2006 and joined the FTSE 250 index in 2012.

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According to the statistics of the National Bank of Georgia, as of 01.02.2026, all banks are profitable, except for Silk Bank and the sanctioned VTB. If we do not include the loss-making Digital Hash and Pave banks (Paysera’s profit is 654,000 GEL).Silk Bank's loss has increased to 2.1 million GEL (L/Y - 1.5 million), which is related to the cost of developing digital channels. The loss of Russian VTB has decreased, to 7 million (01/2025 - 12.1 million).Both microbanks are profitable (MBC - 0.4 million; Crystal - 2.4 million).Among banks with large assets, Arab capital's "Tera", with a profit of 3 million, overtook German "ProCredit" (2.8 million). Georgian "Cartu" (1.09 million) lagged behind Kazakh "Halyk Bank" (1.95 million) and even Microbank.

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The transaction was completed on February 16, 2026, and was finalized in London.The 5.06% stake represents 1,759,924 voting shares, held by entities controlled by the Wellington group and through nominee shareholders. The nominee shareholders include VIDACOS Nominees Limited, Goldman Sachs International, and ROY Nominees Limited.Wellington Management Company LLP is an investment management entity that manages the assets of certain funds and/or managed accounts. Wellington Management Company LLP is a direct controlled undertaking of Wellington Investment Advisors Holdings LLP, which, in turn, is a direct controlled undertaking of Wellington Group Holdings LLP, which, in turn, is a direct controlled undertaking of Wellington Management Group LLP.

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According to the statistics of the National Bank of Georgia, the maximum share of transfers in January falls on the EU countries - 45.4%, with an annual growth of 17.5% (01/2025 - 45.09%, +7.5%Y.Y).Transfers from Spain increased by 41% year-on-year (Germany +24.6%Y.Y; Greece +18%Y.Y; Italy +15.2%Y.Y).Remittances from Russia are also increasing, with an annual growth of 32%, in contrast to last year's 63% decline. Russia will be eliminated in the donor ranking in December-January with increasing dynamics (12/2026 +39%Y.Y).

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According to G&T, the Z-spread of newly placed securities is currently 209.8 bps (basis point – %pX100).Investor sentiment and correspondingly high demand are maintained. With low debt, sufficient reserves and other macro parameters, the Georgian economy deserves confidence.5-year bonds were placed in January at 5.125%. The new issue refinanced the previous one. 

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Lion Finance Group (BGEO LN) shares closed at GBP 97.00/share (-2.95% w/w and +3.74% m/m). More than 213k shares traded in the range of GBP 95.30 - 100.80/share. Average daily traded volume was 54k in the last 4 weeks. The volume of BGEO shares traded was at 0.49% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 42.50/share (-0.35% w/w and +8.42% m/m). More than 347k shares changed hands in the range of GBP 42.05 - 43.85/share. Average daily traded volume was 74k in the last 4 weeks. The volume of TBCG shares traded was at 0.62% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 33.15/share (+1.84% w/w and +5.57% m/m). More than 331k shares traded in the range of GBP 32.35 - 34.75/share. Average daily traded volume was 61k in the last 4 weeks. The volume of CGEO shares traded was at 0.95% of its capitalization. 

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The placement was conducted in the domestic market in accordance with local regulations. Although the subscription period was initially scheduled from 2 February 2026 to 29 May 2026, the offering has already been fully subscribed, demonstrating exceptionally strong investor demand.Key details of the Notes are as follows: Denomination: USD, with a face value of USD 10,000 per Note. Minimum Investment: A minimum purchase quantity of five (5) Notes. Term: The Notes are perpetual, with an option for the Bank to call them for early repayment after the fifth year. Coupon: An 8.5% coupon rate, payable semi-annually. Ameriabank CJSC acted as the arranger for the placement. The Notes are expected to be listed on the Armenia Securities Exchange.“The strong demand for our AT1 notes is a clear testament to the market’s trust in our credit story and disciplined balance sheet management. By enhancing our capital adequacy ratios, this transaction provides additional headroom to pursue our growth ambitions and reinforce our role as the largest lender to the Armenian economy”, - Hovhannes Toroyan, Ameriabank’s CFO, commented.“We are pleased to announce the successful placement of Ameriabank’s inaugural AT1 notes on the local market. The swift subscription underscores investor trust and is a testament to the strength of the Bank’s wealth management franchise and distribution capabilities. This issuance enables Ameriabank to create capital buffers, reinforcing its flexibility to pursue further growth and deliver on its strategic objectives”, - Archil Gachechiladze, Group CEO, said. 

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The report reviews trends, strengths and weaknesses, key challenges, and macroeconomic risks in the banking sector of the Central Asia and Caucasus region. It gives particularly high marks to Georgia’s institutional framework, noting that banking regulation and supervision are among the most advanced in the region.According to S&P, Georgian banks have the best asset quality in the region, measured by the share of IFRS Stage 3 loans, while the cost of credit risk is minimal - thanks to a favorable macroeconomic environment and effective work by the National bank of Georgia (NBG) as the regulator. The report also highlights ongoing improvements in the governance of the National Bank.The agency expects Georgia, as a regional innovator, to further align its bank resolution framework with the EU Bank Recovery and Resolution Directive (BRRD).

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The National Agency for Promising Projects (NAPP) officially registered the issue on February 9, 2026.By the decision of the bank's shareholders on January 16, 2026 (quorum 100%), the new issue will be placed in the subsidiary TBC Digital, at a market nominal value of 1,000 soums per share.Payment will be made in cash in the national currency.The issue includes 240 million shares, which corresponds to a total issue amount of 240,000,000,000 soums.For reference, TBC Digital manages the digital business of TBC Bank Group PLC in Uzbekistan, which includes TBC Uzbekistan, the leading digital bank in Uzbekistan, Payme, a popular digital payments application, BILLZ, TBC Insurance, TBC Nasiya - an installment business, and other fast-growing digital services.At the current exchange rate of the Central Bank of Uzbekistan, $1 is equal to ≈ 12,287 UZS.Last year, TBC Uzbekistan issued soum-denominated securities twice. In February last year, TBC issued securities in the amount of 128 billion soums, with a 2-year maturity and a 24% interest rate. At the end of December, it placed bonds worth 49.6 billion soums ($4.1 million).

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