Khutsishvili stated that every case highlighted by media or organizations is thoroughly reviewed, noting that most recent claims were also checked and found unrelated to Georgia. He stressed that suspicious transactions may occur worldwide, but this does not mean they should be linked to Georgia without basis.According to the minister, Georgia is responsible only for transactions conducted within the country or through its territory. He said that none of the mentioned transactions involved the export of goods from Georgia to sanctioned destinations, adding that all operations potentially linked to sanctions are under strict control.Addressing re-export questions, Khutsishvili explained that vehicles exported from Georgia are shipped precisely to the countries listed in official customs data, and any further movement is the responsibility of the receiving states. He underscored that Georgia cannot be accountable for the entire global logistics chain and is successfully fulfilling its own responsibilities.

1769430516

Lion Finance Group (BGEO LN) shares closed at GBP 96.45/share (+0.05% w/w and +5.24% m/m). More than 163k shares traded in the range of GBP 92.90 - 98.75/share. Average daily traded volume was 52k in the last 4 weeks. The volume of BGEO shares traded was at 0.38% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.45/share (+1.38% w/w and unchanged m/m). More than 390k shares changed hands in the range of GBP 38.40 - 41.20/share. Average daily traded volume was 63k in the last 4 weeks. The volume of TBCG shares traded was at 0.70% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 32.70/share (-1.95% w/w and +7.74% m/m). More than 441k shares traded in the range of GBP 30.80 - 33.60/share. Average daily traded volume was 69k in the last 4 weeks. The volume of CGEO shares traded was at 1.27% of its capitalization. 

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Following the sale, Lazard’s total voting rights are represented by 1,690,027 shares. However, the ownership is entirely indirect, as per DTR5.2.1 reporting requirements.While the transaction details do not specify the beneficiaries, the shares are likely not economically owned by Lazard itself, as the company acts as an asset manager.It is assumed that the shares belong to Lazard’s clients - including funds, mandates, or institutional investors - while voting rights have been delegated to Lazard.

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The bonds are denominated in US dollars. The placement agent is G&T.The bonds do not have a credit rating (issuer rating: BB / stable outlook from Fitch Ratings, Ba2 / negative outlook from Moody’s).The issuer also plans to list the securities on the Georgian Stock Exchange.

1769087665

Lion Finance Group (BGEO LN) shares closed at GBP 96.40/share (+4.90% w/w and +4.67% m/m). More than 266k shares traded in the range of GBP 90.75 - 96.95/share. Average daily traded volume was 53k in the last 4 weeks. The volume of BGEO shares traded was at 0.61% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 39.90/share (+1.92% w/w and -1.85% m/m). More than 357k shares changed hands in the range of GBP 38.05 - 39.90/share. Average daily traded volume was 51k in the last 4 weeks. The volume of TBCG shares traded was at 0.64% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 33.35/share (+7.06% w/w and +11.17% m/m). More than 302k shares traded in the range of GBP 31.00 - 33.65/share. Average daily traded volume was 56k in the last 4 weeks. The volume of CGEO shares traded was at 0.87% of its capitalization. 

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Sulkhan Gvalia, acting as the Group and Bank of Georgia’s Chief Financial Officer (“CFO”), has decided to step down from the executive role from March 2026 to transition to a new stage in his life, following a 20-year tenure with the Group. He will remain a non-executive member on the supervisory boards of the Group’s various subsidiaries, including Ameriabank, the Group’s banking subsidiary in Armenia.Sulkhan will be succeeded by Giorgi Shagidze, who will be appointed Group CFO, responsible for Group finance and international growth, and Deputy CEO, Chief Financial Officer of Bank of Georgia (subject to regulatory approval). Giorgi joins from his recent role as CEO of maib, Moldova’s largest bank. Since 2021, he has led a bank-wide agile and digital transformation, strengthening digital capabilities, embedding a customer-centric culture, and delivering strong and consistent financial performance, alongside strong growth in market share and digital engagement. This comprehensive transformation significantly enhanced the bank’s institutional strength and long-term value. Giorgi’s broad banking experience includes serving as Deputy CEO and CFO of TBC Bank Group, where he played a key role in the Group’s IPO and the early stages of its expansion into Uzbekistan, as well as previously working as a Global Operations Executive at Barclays PLC. He holds an MBA from the University of Cambridge, is a CFA charterholder, and is a graduate of the Stanford Executive Program at Stanford Graduate School of Business.Furthermore, Giorgi Gureshidze, who has successfully led Bank of Georgia’s Mass Retail Banking direction since March 2025, has been promoted to the position of Deputy CEO, subject to regulatory approval.Archil Gachechiladze, Group and Bank of Georgia CEO, commented: “I would like to thank Sulkhan for his dedicated service and invaluable contributions to our success. He has been a pivotal member of the executive team, successfully leading our finance function and helping to build our business and culture. I am delighted that he will remain with the Group in a nonexecutive role.I am also very pleased to welcome Giorgi Shagidze to the team. His successful tenure as CEO at Maib provides him with deep experience in leading ambitious digital transformations and developing customer-focused banking. Giorgi's new role will concentrate on enhancing the finance function and pursuing international growth opportunities. I believe his insights, leadership qualities, and knowledge of the broad region will enrich the whole team.Finally, I would like to congratulate Giorgi Gureshidze on his well-deserved promotion. Under his leadership, Bank of Georgia’s mass retail business has consistently delivered strong results and grown from strength to strength. I wish him success in his new position.”

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According to the National Bank of Georgia’s data, as of December 2025, 4% of GEL-denominated loans for cafes and restaurants are non-performing (compared to 3.5% last year), while 11.4% of EUR-denominated loans are problematic (up from 8.4% in 2024).Out of GEL 377.5 million in bank loans to cafes, restaurants, and fast-food outlets, over GEL 15 million is non-performing. Meanwhile, of the USD 233 million equivalent loans, USD 26.5 million is problematic.Restaurant owners report a decline in customers and rising costs, making it difficult to sustain their businesses.

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Ordinary shares with a nominal value of £0.01 were granted to managers as deferred shares under the bank’s remuneration scheme, meaning they will be gradually vested over several years according to their contracts.A total of 20,393 ordinary shares were allocated to 6 managers, with the transaction closing on the London Stock Exchange on January 9.At the current London Stock Exchange price of £39.65 per share, the total value of the bonus shares is approximately £0.8 million.For reference, last year, bonus shares for work performed in 2024 were granted to both senior and mid-level managers for the first time. Last year’s recipients included Oliver Hughes, Bidzina Matsaberidze, Gvantsa Murghvliani, and Nikoloz Gvaberidze, with the largest allocation going to Vakhtang Buchvrikidze.For the 2025 work year, the fixed remuneration in shares was distributed as follows:

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In December, all three portfolios delivered similar performance, each gaining nearly 0.9%.The year 2025 proved to be one of the best for the Pension Fund portfolios. Among them, the dynamic portfolio achieved the highest growth over the year, while the balanced and conservative portfolios also showed strong returns: Dynamic – 15.2% Balanced – 13.3% Conservative – 11.8% Since its inception on August 6, 2023, the dynamic portfolio has also led in cumulative returns, with a 14.2% yield. The balanced and conservative portfolios recorded cumulative returns of 13.1% and 11.8%, respectively.By the end of December, the Georgian Pension Fund’s assets exceeded GEL 8.2 billion, while the generated income surpassed GEL 2.2 billion.

1768306874

Lion Finance Group (BGEO LN) shares closed at GBP 91.90/share (-0.27% w/w and -1.55% m/m). More than 305k shares traded in the range of GBP 88.80 - 93.20/share. Average daily traded volume was 64k in the last 4 weeks. The volume of BGEO shares traded was at 0.70% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 39.15/share (-1.63% w/w and -3.21% m/m). More than 293k shares changed hands in the range of GBP 38.00 - 40.50/share. Average daily traded volume was 53k in the last 4 weeks. The volume of TBCG shares traded was at 0.52% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 31.15/share (+0.81% w/w and +5.24% m/m). More than 415k shares traded in the range of GBP 30.35 - 31.60/share. Average daily traded volume was 56k in the last 4 weeks. The volume of CGEO shares traded was at 1.19% of its capitalization. 

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