Lion Finance Group (BGEO LN) shares closed at GBP 120.60/share (-4.13% w/w and -14.59% m/m). More than 307k shares traded in the range of GBP 119.30 - 127.00/share. Average daily traded volume was 61k in the last 4 weeks. The volume of BGEO shares traded was at 0.71% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 47.20/share (- 7.09% w/w and -10.94% m/m). More than 251k shares changed hands in the range of GBP 46.70 - 50.85/share. Average daily traded volume was 64k in the last 4 weeks. The volume of TBCG shares traded was at 0.45% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 41.45/share (-2.59% w/w and -7.99% m/m). More than 185k shares traded in the range of GBP 40.40 - 43.40/share. Average daily traded volume was 37k in the last 4 weeks. The volume of CGEO shares traded was at 0.54% of its capitalization.

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The summit will be opened by the Prime Minister of Georgia, Irakli Kobakhidze. Welcoming remarks will be delivered by Mariam Kvrivishvili, Vice Prime Minister and Minister of Economy and Sustainable Development of Georgia; Natia Turnava, Governor of the National Bank of Georgia; and Sopnendu Mohanty, Head of the Global Finance & Technology Network (GFTN).This year’s summit will feature over 800 participants from nearly 60 countries, along with approximately 100 high-level speakers. Participants in the summit include representatives from major companies such as Swift, UnionPay, Luma Group, Accel, Tether, and Ant International, among others. Also in attendance are Yang Jun, Executive Vice President of the Bank of China; Binur Zhalenov, Deputy Governor of the National Bank of Kazakhstan; Holta Zachaj, First Deputy Governor of the Bank of Albania; Mu Changchun, Director-General of the Digital Currency Research Institute at the People's Bank of China; Hovhannes Khachatryan, Deputy Governor of the Central Bank of Armenia; Emir Kurtić, Vice Governor of the Central Bank of Bosnia and Herzegovina; Zdeněk Tůma, former Governor of the Czech National Bank; and Renat Bekturov, Governor of the Astana International Financial Centre.The two-day event will feature thematic sessions, panel discussions, and various working and professional meetings. Key discussion topics will include strengthening regional financial and economic ties, digital assets, the future of payments, open banking, artificial intelligence, and the cybersecurity of financial systems.Natia Turnava, Governor of the National Bank of Georgia, will participate in a high-level panel discussion, “Central Bank Priorities for 2027”, alongside representatives from financial institutions in Albania, Armenia, Bosnia and Herzegovina, Kazakhstan, and China. The discussion will cover monetary policy, financial stability, and digital and cross-border financial infrastructure.The summit will place special emphasis on the development of financial technologies, the regulation of digital assets, and the implementation of innovative solutions. The agenda also addresses the development of regional financial infrastructure, international cooperation, and the expansion of investment opportunities.Additionally, a "Demo Day" for an AI and Open Banking hackathon will be held as part of the summit. The hackathon is a joint project of the National Bank and the Georgia Innovation and Technology Agency, featuring the participation of 28 local and international teams. The winners will be announced on October 28th, during the Demo Day."The 'Tbilisi Financial Summit' represents an opportunity for Georgia to strengthen its position within the international financial and technological ecosystem." "The event will help deepen cooperation with international partners, facilitate the sharing of experience in the field of financial innovations, and showcase Georgia's potential as a regional financial and technological platform," noted Natia Turnava, Governor of the National Bank of Georgia.The event is being jointly organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Singapore-based Global Finance & Technology Network (GFTN).GFTN is an international network based in Singapore that focuses on the development of financial technologies, digital transformation, and modern financial ecosystems. The network encompasses leading global financial centers, including those in Singapore, Japan, and Switzerland. In 2025, Georgia also joined the network.

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Cooperation with Citibank enhances Basisbank’ s settlement capabilities, broadens its payment channels and enables the Bank to further enhance the efficiency and quality of the services it provides to clients.Developing its international network and strengthening strategic partnerships are key priorities for Basisbank’ s long-term development. Through closer cooperation with global financial institutions, the Bank creates new opportunities to support international business, foreign trade and access to global financial services.“Opening a USD correspondent account with Citibank is of strategic importance for Basisbank. This partnership demonstrates international confidence in our Bank and directly enhances the quality of service we provide to our clients. It enables us to offer faster, more secure and more flexible US dollar payment and settlement solutions. We will continue to expand our network of international partnerships to ensure that Basisbank remains a reliable and trusted gateway to global markets for every client.”- Lia Aslanikashvili, Financial Director of Basisbank.About Basisbank GroupFollowing Basisbank’ s acquisition of a 95.99% stake in Liberty Bank in April 2026, Basisbank Group is the third-largest systemic financial institution in Georgia, holding an 11% market share. The Group serves over 2 million individuals and more than 65,000 corporate and SME clients. It operates the country’s largest network nationwide, comprising approximately 500 service centers and nearly 700 ATMs across all regions and municipalities of Georgia.As of end of September 2026, Basisbank Group's total assets stand at GEL 12.4 billion, with a loan portfolio of GEL 7.9 billion and a deposit portfolio of GEL 9.4 billion. The Group recorded a net profit of GEL 178.6 million for the first 9 months of 2026.(R)

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Of the total financial assets, short-term assets amounted to GEL 8.9 billion, with a liquidity ratio of 50.6%. Meanwhile, non-financial corporations’ total liabilities stood at GEL 92.5 billion at the end of 2025, including GEL 23.8 billion in short-term liabilities.Foreign-currency liabilities totaled GEL 18 billion, while debt owed to non-residents, classified as external debt, reached GEL 11.2 billion. During 2025, non-financial corporations incurred GEL 3.3 billion in interest expenses and generated total revenues of GEL 24.8 billion.Debt servicing costs amounted to GEL 13.2 billion last year, covering both principal repayments and interest payments. Interest-related debt servicing accounted for GEL 2.1 billion, while repayments on loans from individuals totaled to GEL 172 million and those on loans from other non-financial corporations reached GEL 983 million.

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The central bank said recently, several cases have again been reported in which unknown individuals contact citizens via WhatsApp and other communication channels, falsely presenting themselves as representatives of the National Bank of Georgia. Cases of the unauthorized use of the National Bank of Georgia’s official logo have also been reported.“According to the information available to us, these individuals offer to assist citizens in accessing various financial products, including loans, and conducting other financial transactions. In one particular case, a citizen was contacted by individuals claiming to represent a commercial bank and informed that an agreement had to be signed in order to access a loan allegedly approved in the citizen’s name. After the citizen denied having applied for a loan, the individuals contacted them again, this time claiming to represent the National Bank of Georgia, and persuaded them that they needed to take out the loan. Under their influence, the consumer logged into the relevant remote banking channel, activated the loan through internet banking, and transferred part of the funds to a third party’s account. It subsequently emerged that the consumer had fallen victim to suspected fraud.These cases once again demonstrate that, through so-called social engineering, fraudsters attempt either to gain direct access to consumers’ bank accounts or to manipulate consumers into carrying out certain transactions themselves, resulting in financial losses.We emphasize that the National Bank of Georgia, as the country’s central bank, does not issue loans to individuals or legal entities or accept deposits, unlike commercial banks. Nor does it provide any form of assistance to consumers in accessing financial products offered by commercial banks. Such activities fall outside the powers and remit conferred upon the National Bank of Georgia under the country’s applicable legislation.The National Bank of Georgia therefore urges citizens to exercise extreme caution. Do not disclose personal or financial information, including the username and password required to log in to a bank’s remote banking services. Do not enter such information via suspicious links provided by unknown individuals, and do not attempt to carry out banking or card transactions at their request. If you receive such or similar offers, verify the information with your financial service provider before deciding whether to use a financial product or carry out any transaction. If you suspect fraud, contact the relevant law enforcement authorities.We remind the public that, in order to protect the rights of financial sector consumers, the National Bank of Georgia periodically publishes warnings and educational materials on commonly used financial fraud schemes. Relevant materials are available on the National Bank of Georgia’s official website,” the NBG stated.

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According to the National Bank of Georgia, geopolitical tensions in the Middle East have persisted longer than anticipated, prolonging the supply-side shock and, consequently, increasing inflationary pressures. As a result, the deviation of inflation from its 3 per cent target in Georgia continues to be driven largely by exogenous factors. In September 2026, annual inflation stood at 5.6 per cent, of which approximately 2 percentage points were attributable to energy prices. Moreover, disruptions to international transportation and shipping, coupled with higher energy prices, are increasing production and transportation costs, creating additional inflationary pressures through indirect effects on the prices of other goods and services. Against this backdrop, particular attention should be paid to developments in the stickier components of inflation, which provide a better gauge of the anchoring of longer-term inflation expectations. In this regard, core and services inflation remain below headline inflation, standing at 3.5 per cent and 3.7 per cent, respectively. Accordingly, the impact of the supply-side shock on inflation expectations remains moderate at this stage. However, given the prolonged nature of the shock, this remains an important risk to monitor.Amid more persistent inflationary pressures than previously anticipated and taking into account global developments, the NBG has revised its central inflation forecast for 2026 upward by 0.2 percentage points to 5.4 per cent. All else equal, inflation is expected to gradually converge toward its 3 per cent target from the second half of 2027, averaging 3.5 per cent for the year.Economic activity has remained stronger than expected. According to preliminary data, economic growth stood at 6.3 per cent in August 2026, averaging 7.6 per cent over the first eight months of the year. Notably, growth continues to be driven largely by high-productivity sectors, which offset demand-side inflationary pressures. According to the NBG’s updated central forecast, the economic growth projection for 2026 has been revised upward from 6.5 per cent to 7.2 per cent, while, all else equal, growth in 2027 is expected to be around 5.5 per cent.Uncertainty surrounding the further evolution of geopolitical developments and the magnitude of their impact on the economy remains elevated. Accordingly, alongside the central scenario, the Monetary Policy Committee (MPC) considered both high-inflation and low-inflation risk scenarios.In the event of the realisation of the high-inflation risk scenario, fundamental processes require a higher trajectory of the monetary policy rate than the central scenario. The key risk underlying the high-inflation scenario is a further escalation and prolongation of the conflict in the Middle East, which, amid additional disruptions to oil supply and refining, would push energy prices even higher. Moreover, disruptions to supply chains and the shift to alternative transportation routes would increase production and transportation costs. As a result, heightened global inflationary pressures would spill over to the domestic economy through imported inflation and tighter global financial conditions, requiring further monetary policy tightening and the maintenance of a restrictive stance for a longer period.On the other hand, under the low-inflation risk scenario considered by the MPC, the realisation of the risks would allow a faster normalisation of monetary policy stance compared to the central scenario. Specifically, under this scenario, strong economic growth, driven largely by high-productivity sectors, would prove more persistent than previously projected. This, in turn, would lead to a sustained improvement in the external position and an upward revision to the assessment of long-term growth potential. These developments would support a fundamental appreciation of the exchange rate and limit inflationary pressures stemming from aggregate demand. In addition, the scenario envisages a de-escalation of the conflict in the Middle East, resulting in lower energy prices compared to the central scenario. Consequently, inflation would converge toward its target more rapidly.“Taking into account the current macroeconomic environment and prevailing risks, the Monetary Policy Committee decided to keep the monetary policy rate unchanged. The moderately tight monetary policy stance aims to minimise the risks of rising inflation expectations and second-round effects, ensuring that inflation returns swiftly to its 3 per cent target once the supply shock dissipates. Should the prolonged supply shock lead to an upward trend in inflation expectations, which would amplify second-round effects, the MPC will continue to increase the monetary policy rate moderately. Once the inflationary shock dissipates, the NBG will gradually begin to normalise its monetary policy stance,” the press release reads.The next meeting of the Monetary Policy Committee will be held on December 16, 2026.

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The merger will not affect the TBC Capital brand, its team, or the terms of service. Existing clients will continue to receive services without interruption, while the consolidation of resources between the Bank and the investment division will streamline procedures for opening accounts and updating documentation."This merger will make it easier for clients to access investment services and will provide us with greater opportunities to develop new products," noted Giorgi Tkhelidze, General Director of TBC Bank.TBC Capital has been operating since 1999, offering clients services in investment, brokerage, capital markets, research, and M&A advisory. In 2026, Euromoney recognized the company as the best investment bank in Georgia for the second time.Approval for the structural change has already been received from the National Bank of Georgia, and the merger process will be completed in approximately two months.

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Lion Finance Group (BGEO LN) shares closed at GBP 125.80/share (+1.62% w/w and -8.18% m/m). More than 311k shares traded in the range of GBP 122.10 - 128.90/share. Average daily traded volume was 58k in the last 4 weeks. The volume of BGEO shares traded was at 0.72% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 50.80/share (+4.83% w/w and -0.20% m/m). More than 312k shares changed hands in the range of GBP 48.64 - 51.20/share. Average daily traded volume was 63k in the last 4 weeks. The volume of TBCG shares traded was at 0.56% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 42.55/share (-2.41% w/w and -7.20% m/m). More than 180k shares traded in the range of GBP 42.00 - 45.35/share. Average daily traded volume was 37k in the last 4 weeks. The volume of CGEO shares traded was at 0.52% of its capitalization.

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According to the Ministry of Finance, as part of the “Small Talk” symposium organised by Bank of America (BofA), the minister presented an overview of Georgia’s macroeconomic and fiscal indicators as well as medium-term plans to interested investment banks and asset managers.“Discussions focused on Georgia’s current macroeconomic and fiscal metrics, medium-term forecasts, conditions across international and emerging financial markets, and the domestic investment climate.Bilateral meetings were also held with senior executives from ICBC and Nomura, focusing on opportunities to place Georgian securities across international capital markets, including the Asian market.The inclusion of lari-denominated Georgian government bonds in J.P. Morgan’s new GBI-EM Edge index in September this year will further boost investor interest.The discussions also touched on Georgia’s initiatives across domestic and international capital markets to diversify funding sources and expand its investor base.Deputy Minister of Finance Ekaterine Guntsadze also attended the meetings on behalf of the Ministry,” the ministry stated.

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The discussion takes place as part of the IMF–World Bank Annual Meetings and provides a platform for sharing successful economic policy experiences. Each year, selected representatives from five regions of the world take part in the initiative, with sessions moderated by the directors of the IMF’s regional departments. This year, in addition to Georgia, Governor Talks sessions were held with the governors of the central banks of four other countries: France, South Korea, Venezuela, and Rwanda.The session featuring the NBG Governor, titled “Governor Talks: Central Banking in a Changing World: Perspectives from the National Bank of Georgia,” was moderated by Jihad Azour, Director of the IMF’s Middle East and Central Asia Department.One of the key topics discussed was how central banks manage monetary policy and keep inflation expectations anchored amid successive, persistent shocks that have had a significant inflationary impact on most countries.According to Natia Turnava, maintaining credibility is the main challenge in such circumstances. Anchoring inflation expectations in such an uncertain environment therefore requires highly credible and clear policy actions.“In this regard, Georgia has indeed achieved quite positive results. We have managed to keep inflation expectations anchored throughout this period, despite all external challenges, and have strengthened our resilience. Over the past three to four years, we have kept inflation below the target in 2023-2025, average headline inflation stood at 2.5%, below our target of 3%. Even now, as we face the impact of an external energy shock, the conflict in the Middle East, and the associated rise in fuel prices which is transmitted immediately to our economy because Georgia is an energy-importing country-headline inflation has exceeded the target, reaching 5.6%. However, key informative indicators, such as core inflation and services inflation, remain close to the target, at 3.5% and 3.7%, respectively, indicating that inflation expectations remain firmly anchored,” Natia Turnava noted.The NBG Governor also highlighted that Georgia has maintained strong economic growth alongside low inflation, describing this as a particularly favorable and distinctive combination.According to Natia Turnava, economic growth has been driven primarily by highly productive industries that do not generate inflationary pressures through domestic demand.“This allows us to take a more proactive approach. That is why we have adopted a pre-emptive, cautious, and vigilant stance. This was also the case during the COVID-19 pandemic, when the National Bank of Georgia was among the first to respond swiftly by tightening monetary policy. Later, we were again among the first to begin easing policy as the shocks started to subside. Even during a period of low inflation, we chose to maintain the policy rate above its neutral level because of the escalation of new geopolitical conflicts in our region. When the conflict in the Middle East began, we were well prepared, but we once again took a pre-emptive approach. In May 2026, we raised the policy rate by 0.25 percentage points, sending a strong signal to financial markets,” Natia Turnava added.As she further explained, the aim of these decisions was to keep inflation expectations stable and prevent second-round effects to the greatest extent possible.“The effectiveness of this approach is confirmed by indicators of sticky-price inflation, which remain close to the target,” the NBG Governor stated.During the session, Natia Turnava also highlighted the importance of central bank independence and a robust governance framework. In her assessment, institutional independence is not limited to legislative guarantees; above all, it means making timely and credible decisions within the central bank’s mandate and ensuring that its primary objectives are achieved.The NBG Governor also emphasized the importance of cooperation with the International Monetary Fund. She noted that this cooperation had helped identify opportunities to further strengthen the governance framework and had led to significant steps toward institutional development.De-dollarization was another key topic of the discussion. According to Natia Turnava, maintaining macroeconomic stability and strengthening confidence in the national currency are crucial to achieving sustainable progress in de-dollarization. As a result of the NBG’s consistent policies and the accompanying macroeconomic stability, the dollarization of deposits and loans has declined by approximately 25–30 percentage points over the past ten years.At the conclusion of the session, Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, congratulated the NBG Governor and her team on the results achieved in recent years.“I would like to congratulate you and your team on maintaining macroeconomic stability while navigating one of the most challenging environments of the past few years,” Jihad Azour noted.He emphasized that the NBG’s efforts to build up economic buffers were an important prerequisite for resilience to external shocks. He also highlighted Georgia’s progress in modernizing its financial sector, developing financial technologies, and introducing financial innovations.Jihad Azour spoke positively about the performance of the Georgian economy, noting that its results had exceeded all projections. He also praised the NBG’s capacity to manage various shocks and commended the decisions taken in the area of monetary policy.

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