Bank of Georgia signs $50m trade finance facility with Citi
Bank of Georgia Group announced on Tuesday that its bank subsidiary, JSC Bank of Georgia, has signed a one-year $50m trade finance facility with Citi.
The FTSE 250 company said the facility had been arranged under the ‘Continuing Agreement for Reimbursement of Trade Advances’ (CARTA), signed with Citi in 2011, and was the third successful transaction between Citi and Bank of Georgia under that agreement.
It said the facility aimed to “enhance” the bank's offering of trade finance solutions for the Georgian corporate and small and medium sized (SME) sectors.
“I am very glad to see that Bank of Georgia and our trusted partner Citi continue to actively cooperate on trade finance deals, which enable us to strengthen our position as a go-to bank for tailor-made trade finance products in Georgia,” said the bank’s chief executive officer Archil Gachechiladze.
“Facilities of this kind are important for our corporate, as well as SME clients that are actively engaged in export-import transactions and we aim to remain a reliable financial support for them.”