Over the first nine months of 2009, BG Capital, one of Ukraine’s leading investment banks, reported revenue of US$ 2.7mn and net income of US$ 0.9mn. The company's operational costs decreased 57% to US$ 2.0mn compared with the same period in 2008.

BG Capital’s financial results were reported as part of its parent company Bank of Georgia’s consolidated IFRS-based financials, which were disclosed on Friday, November 6, 2009 through the London Stock Exchange’s regulatory news service.

In the third quarter of 2009, BG Capital signed mandates for a number of promising deals in the Corporate Finance segment, including on a 17% private equity placement for Sintal Agriculture. The deal was completed in October 2009 and became the first placement of a Ukrainian company since the start of the economic crisis in October 2008.

In the quarter, BG Capital also continued the process of integrating with other Bank of Georgia Group business divisions. In September 2009, BG Capital relocated to a Kyiv business centre where it established a joint office with BG BANK Private Banking to help the two companies better serve its private client base.

Nick Piazza, CEO, BG Capital: “Overall, our quarterly and year-to-date financial results reflect the significant progress made by BG Capital this year. We’ve significantly strengthened our positions in brokerage and research, and our investment banking department also made a good start, having completed the first Ukrainian placement this year with Sintal Agriculture. The successful implementation of our strategy focused on efficiency enabled us to expand our business, including the development of services unique to the Ukrainian market, like the combination of the investment banking and trade financing services, which we’ve developed alongside BG BANK and Bank of Georgia.”


For more detailed information regarding Bank of Georgia’s financial results for the quarter and 2009, please visit the official Bank of Georgia website (www.bog.ge/ir/), or the London Stock Exchange site (www.londonstockexchange.com).