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Finance
G&T announces the issuance of Nutrimax

It is planned to issue up to $10 million in 2-year bonds, with a fixed rate of 8%-8.5%.Nutrimax has been on the market since 2009. Its partner is the Dutch Trouw Nutrition. It owns a feed mill for farm animals and poultry (annual capacity 84,000 tons). Since 08/2021, it has been represented by the subsidiary "Nutrimax Petfood", which owns an extruded feed mill for companion animals (dogs and cats), as well as fish (capacity 24,000 tons).Nutrimax also operates in neighboring countries (Armenia, Azerbaijan, Kazakhstan, Uzbekistan, Moldova).Product Range Nutrimax's business lines are divided into 2 main categories:

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Problematic loans have increased in HoReCa

According to the NBG statistics, as of Q1/2026, 8% of loans issued to cafes and restaurants are problematic in USD (L/Y - 6.3%) and 3.4% in GEL (L/Y - 4.6%).The share of non-performing loans in GEL and also in EUR has decreased. However, the decrease in the eurozone currency is at the expense of a decrease in Euro lending.Out of the billion GEL loans issued by banks in GEL, USD and EUR to cafes and restaurants, more than 54 million remain problematic.Of the loans denominated in USD, the equivalent of 16.6 million GEL is problematic.

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TBC Strengthens Management Team with International Banking Experience

Sandro Rtveladze joins the team with significant international experience, which will further strengthen TBC’s strategic direction - retail business management and contribute to creating a stronger customer experience.Sandro joined TBC from the position of an executive at OTP, one of Europe’s leading business groups. Today, he is the General Director of OTP Uzbekistan (Ipoteka Bank), which is among the top 5 banks in the local market. Sandro has a long-standing successful career, both in Georgia and abroad. In Georgia, he worked at Liberty Bank, where in recent years he held the position of Deputy General Director for Retail Business. Then he continued his career internationally and worked at the African bank Bayport, where, by implementing digital processes, he achieved a large-scale increase in retail lending. After Africa, he joined OTP Group, one of the largest banking groups in Central and Eastern Europe, with total assets of 113.6 billion euros at the end of 2025.“Sandro will significantly strengthen our team. His international experience is unique in creating added value for TBC customers”, - Giorgi Tkhelidze, General Director of TBC Bank.

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Butskhrikidze: We are pleased that Sandro is returning to TBC

“We are delighted to welcome Sandro back to the Group. He brings a combination of deep retail banking expertise and strong execution capabilities across multiple markets. I am confident that his leadership will further strengthen our retail banking in Georgia,” Butskhrikidze said.“Sandro is a highly respected banking executive with a strong track record of delivering growth, innovation and operational excellence. His extensive experience across retail makes him well positioned to lead the next stage of development of our retail banking business,” said Tkhelidze on Rtveladze’s return.As a reminder, Sandro Rtveladze is appointed as Deputy CEO, Retail Banking of JSC TBC Bank, subject to the approval of the National Bank of Georgia, and will join the Bank with effect from 6 July 2026, or such later date as may be required for the completion of the relevant regulatory approvals. In this role, he will oversee the wide range of products, services and channels serving the Bank's retail customers.Sandro joins JSC TBC Bank from Ipoteka Bank, where, as chairman of the management board, he led the successful turnaround of OTP Group's Uzbek subsidiary. He was previously the CEO of TBC Uzbekistan, the Group's digital bank, and has held senior roles at OTP Bank Russia, Liberty Bank Georgia and Bayport Management Africa, bringing more than a decade of senior management experience in retail and digital banking.With strong Georgian roots and 11 years of extensive international leadership experience, this appointment represents a homecoming and will further strengthen the Bank's growth and transformation agenda.

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National Bank Launches New Automated Payment and Settlement System

According to the regulator, this was one of the largest and most complex financial infrastructure projects since 2009, requiring significant technological updates from commercial banks, microbanks, and the State Treasury.The modernized RTGS system aims to provide faster, safer, and more reliable services for both individuals and businesses, while aligning more closely with international standards. The upgrade also lays the foundation for future innovations, such as an Instant Payments System (IPS) and additional digital services.Built on the global ISO 20022 standard, the new payment infrastructure enhances flexibility, efficiency, and modernization across Georgia’s financial ecosystem. The project was implemented with the support of the World Bank, helping ensure full alignment with international best practices.Recent legislative changes have also expanded access to the NBG’s payment systems, allowing non-bank payment service providers to join once requirements are met-a move expected to boost competition and improve customer services. The National Bank thanked all stakeholders and the system provider Montran for their cooperation in successfully delivering the upgrade.

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Valerian Gabunia to replace Eter Iremadze at the Bank of Georgia

Valerian Gabunia, currently serving as Deputy Head of SME Banking Direction, will be promoted to lead the Premium Banking Direction of the Bank with effect from 1 July 2026. Eter Iremadze, Deputy CEO who has overseen the Premium Banking business since 2021, will step down from her role with effect from the same date.“I want to congratulate Valerian on his well-deserved promotion. He is an experienced and results-oriented banker, with a distinguished career in various executive roles across retail and premium banking in Georgia. Having joined our SME team in 2023, he spearheaded a successful organisational transformation of the Medium Enterprise segment. I am confident he will bring fresh insights and continue to drive strong results in his new capacity. At the same time, I want to express my sincere gratitude to Eter for her many years of dedicated service. Her contributions to our organisation have been invaluable, particularly in her oversight of key initiatives and in building the nation’s leading mass affluent franchise”, - Archil Gachechiladze, Bank of Georgia’s CEO, commented.The bank's premium services combine two areas: SOLO Banking and Wealth Management, which is the direction of managing accumulated wealth. Until 2022, Gabunia was the director of the retail direction of the currently sanctioned VTB Bank.

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All three Georgian companies listed on the LSE are in the red

Lion Finance Group (BGEO LN) shares closed at GBP 108.40/share (-1.72% w/w and -2.87% m/m). More than 291k shares traded in the range of GBP 104.90 - 111.10/share. Average daily traded volume was 55k in the last 4 weeks. The volume of BGEO shares traded was at 0.67% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 45.78/share (- 1.80% w/w and -8.37% m/m). More than 341k shares changed hands in the range of GBP 43.70 - 47.68/share. Average daily traded volume was 49k in the last 4 weeks. The volume of TBCG shares traded was at 0.61% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 40.35/share (+4.13% w/w and -0.49% m/m). More than 561k shares traded in the range of GBP 37.60 - 40.45/share. Average daily traded volume was 75k in the last 4 weeks. The volume of CGEO shares traded was at 1.63% of its capitalization. 

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Natia Turnava Met with India’s Newly Appointed Ambassador to Georgia

During the introductory meeting, the parties discussed the existing bilateral relations between Georgia and India, as well as cooperation between the two countries’ central banks.The Governor briefed the Ambassador on the NBG’s ongoing and planned projects. In particular, the parties discussed prospects for cooperation in the areas of payment systems and financial services.The discussion also covered opportunities to further strengthen cooperation between the central banks of Georgia and India in other areas. A Memorandum of Understanding is planned to be signed in the near future. The parties emphasized that the memorandum will further enhance cooperation between the two central banks.The meeting was also attended by Vice Governors of the National Bank of Georgia, Ekaterine Galdava and Nino Jeladze, Head of the Payment Systems Department Natalia Chkhoidze, and Head of the International Relations Department Giorgi Edilashvili.

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Russia receives an average of $4 million in transfers per month

The largest amount of up to $6 million was transferred from Georgia to Turkey and Azerbaijan. Transfers to Russia, Uzbekistan and Kazakhstan have increased.

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Remittances from the US increased, from Canada decreased

Transfers from the European Union amounted to 141.5 million (+6.8%Y.Y). 92% of remittances from abroad to Georgia come from the 16 largest partner countries, from which the volume of remittances in April exceeded 2 million USD.

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