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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According to the Pension Fund, 2026 started quite well for all portfolios of the Pension Fund, in which the dynamic portfolio traditionally led: Dynamic – 2.76% Balanced – 2.06% Conservative – 1.49% In addition, the dynamic portfolio has been leading in terms of annualized income since its creation (August 6, 2023), and its profitability is equal to 15%, while the corresponding indicators for the balanced and conservative portfolios are 13.5% and 12.1%.By the end of January, the assets of the Pension Fund of Georgia exceeded GEL 8.5 billion, and the generated profitability reached GEL 2.4 billion.The number of participants in the pension scheme is 1 million 715 thousand people.As of January 31, 2026, 27,643 people benefited from the funded pension, and 129,544,402.18 GEL was issued to them as pensions.

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As of January 2026, the overall price level in Georgia increased by 4.8 percent year-on-year. Higher-than-targeted inflation continues to be largely driven by food price inflation. In particular, rising prices on international markets for certain commodity groups on international markets, which have a substantial weight in Georgia’s consumer basket, are being transmitted to the domestic market. On the other hand, alongside external factors, one-off price adjustments for certain domestic products and volatility in agricultural product prices are also putting upward pressure on inflation. At the same time, core inflation, excluding food, energy, and tobacco from the headline, remains close to the target (2.1 percent in January), indicating the stability of long-term inflation expectations. Service sector inflation, characterized by relatively sticky price adjustments, increased slightly in January, reaching 3 percent. Accordingly, measures of sticky price indices indicate that inflationary pressures remain less broad-based. However the moderate  month-of-month increase in sticky price inflation heightens the risks of upward shift in inflation expectations. Against this backdrop, according to the NBG's updated central scenario, the inflation forecast for 2026 has been revised slightly upward. Under the central scenario, the current inflation dynamics are still assessed as temporary and are not expected to generate ‘second-round’ effects, implying that price pressures are not spilling over to other goods and services. Accordingly, other things being equal, as the effects of temporary factors subside, inflation is expected to gradually converge toward the target rate from the second quarter of 2026, averaging 3.7 percent over the year.Economic activity is gradually converging toward its long-term growth rate, easing the demand-side pressures on prices. In particular, according to the NBG's updated central scenario, economic growth is projected at 5 percent in 2026. The normalization of the economic growth will be further supported by maintaining credit activity close to its equilibrium level.Given the high uncertainty, upside risks to inflation are more pronounced, while downside risks continue to remain. Accordingly, the Monetary Policy Committee (MPC) considered both high-inflation and low-inflation risk scenarios, along with the central scenario, and the risks operating in different directions were taken into account in the decision-making process.Under the realization of the high-inflation risk scenario, fundamental economic processes would require a higher trajectory for the monetary policy rate compared with the central scenario. Specifically, in January, the moderate increase in sticky price indicators compared with previous months heightens the risks of an an increase in long-term inflation expectations. At the same time, sustaining a high level of economic activity, amid normalizing growth in high-productive sectors, is expected to put additional pressure on inflation. Under this scenario, an escalation of the global geopolitical situation could lead to higher-than-expected price increases on international commodity markets, which would also be transmitted to the domestic market.On the other hand, under the low-inflation risk scenario considered by the MPC, the realization of the risks would allow a faster reduction in the policy rate compared with the central scenario. Specifically, sustaining high growth rates in high-productive sectors could accelerate the potential growth. In this case, a strengthening of the supply side would have a disinflationary effect, allowing inflation to converge toward the target more rapidly than under the central scenario. Meanwhile, at this stage, developments in the domestic labor market are exerting downward pressure on prices, supporting the likelihood of a low-inflation scenario. Among external factors, a prolonged period of a weak position of the U.S. dollar, together with declining oil prices in international markets, would put downward pressure on headline inflation.As a result of macroeconomic analysis and the assessment of the aforementioned scenarios, the MPC has considered it optimal to maintain a moderately tight monetary policy stance and kept the policy rate unchanged at 8 percent. Upcoming decisions on the monetary policy rate will depend on updated data and the realization of risks. According to the central scenario, the NBG will continue the normalization of monetary policy only after the current one-off factors have been fully dissipated and inflation converges the target level. However, should inflation persist above the target for an extended period due to various one-off factors, the MPC stands ready to maintain the current tight stance for longer than expected and, if necessary, to tighten it further.The NBG will use all available instruments to maintain price stability. This means keeping the overall price level increase close to the 3 percent target over the medium term.The next meeting of the Monetary Policy Committee will be held on March 25, 2026.

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The interest rate on the new 5-year securities is 5.12%.It is worth noting that despite the global increase in interest rates, Georgia’s risk spread (the difference with US Treasury bonds) has decreased from 2.35% to 1.3% compared to 2021, which indicates an increase in investor confidence.The Georgian government refinanced its 2021 Eurobonds on January 23 of this year.

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Lion Finance Group (BGEO LN) shares closed at GBP 99.95/share (-0.94% w/w and +9.29% m/m). More than 264k shares traded in the range of GBP 97.35 - 103.90/share. Average daily traded volume was 56k 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 42.65/share (+0.35% w/w and +8.52% m/m). More than 361k shares changed hands in the range of GBP 41.85 - 44.05/share. Average daily traded volume was 74k in the last 4 weeks. The volume of TBCG shares traded was at 0.65% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 32.55/share (-3.56% w/w and +5.34% m/m). More than 166k shares traded in the range of GBP 31.75 - 34.20/share. Average daily traded volume was 59k in the last 4 weeks. The volume of CGEO shares traded was at 0.48% of its capitalization. 

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Arne Berggren, Chairman of the Board, commented: “The Board fully supports Vakhtang Butskhrikidze’s recommended organisational changes to ensure the continued strong execution of our strategy in Georgia and to facilitate increased focus on the Group’s ambitions in Uzbekistan and other markets. George Tkhelidze, who has long been identified as a potential internal successor as CEO of the Bank, brings strong leadership experience and a proven track record. He is well positioned to lead our Georgian business."“At this exciting time in TBC’s story, I aim to dedicate my energy to leading the Group’s overall strategic direction. As Group CEO, I will of course remain highly involved in all aspects of our businesses across both Georgia and Uzbekistan, as well as exploring other international opportunities. I am delighted to be succeeded as CEO of our Georgian subsidiary by George. I have worked with George for over a decade. He has done a fantastic job leading CIB and Wealth Management, and I have no doubt he will be a great leader for our Georgian business as a whole going forward. I would also like to thank Tornike for all his work and commitment to the Bank over the past eight years, and I wish him the best of luck in his future endeavours”, - Vakhtang Butskhrikidze, Group CEO said.The Supervisory Board of JSC TBC Bank has approved that the responsibility for the Georgian operations will be assumed by George Tkhelidze, in order to enable the Group CEO, Vakhtang Butskhrikidze, to focus on the Group’s strategic priorities in Georgia, Uzbekistan and internationally. Mr. Tkhelidze is appointed as CEO of JSC TBC Bank with effect from 1 March 2026, or such later date as may be required for the completion of relevant regulatory approvals.There is also another reshuffle at the management, Tornike Gogichaishvili, Deputy CEO and head of MSME and Affluent Banking, will leave the Bank with effect from 1 March 2026.

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Key Management Changes:Vakhtang Butskhrikidze:Remains as General Director of TBC Group, with his primary focus on the strategic development of the group in Georgia, Uzbekistan, and other international markets.Giorgi Tkhelidze:Will assume the position of General Director of TBC Bank Georgia, pending regulatory approval. Tkhelidze brings over 25 years of experience in the financial sector. He joined TBC in 2014 as Risk Director and has led the Corporate, Investment, and Wealth Management division since 2016.Tornike Gogichaishvili:Tornike Gogichaishvili, TBC Bank’s Director of Micro, Small, and Medium Enterprises (MSME) and High-Income Services, has resigned after an 8-year successful tenure and will continue his professional activities outside TBC.Giorgi Tkhelidze’s Background and Education:Tkhelidze has extensive experience in the international financial sector: Barclays Investment Bank (UK): Vice President in the Financial Institutions Group for the EMEA region; Local Market: Former General Director of the insurance company Aldag; Education: Holds a Stanford Executive Program (SEP) Certificate, an MBA from London Business School, an LLM from the University of Nottingham, and a Bachelor’s degree in Law from Tbilisi State University. “TBC Group’s goal is to provide the best experience to its customers, both in Georgia and internationally. These structural changes are designed to support the effective implementation of these ambitious objectives,” the bank said in a statement.

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Mortgages in local currency have become cheaper.According to the National Bank of Georgia's monthly review, the interest rate on mortgage loans issued in the national currency decreased by 0.2 percentage points to 12.1%. There is a decrease compared to last year, last year it was 12.6%.The banks’ mortgage loan portfolio, as of 01.01/2026, is 13.4 billion GEL, of which 9.3 billion GEL was issued in GEL.Lending to non-residents increased in December. The equivalent of up to 40 million GEL was issued in foreign currency; 220 mortgage loans and 55 in GEL, a total of 8 million.

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