BGEO Group PLC (the “Group” or “BGEO”), announces changes and appointments to the Group’s and JSC Bank of Georgia’s (the “Bank”) management teams. The new appointments have been made in the light of the Group’s proposed demerger announced on 3 July 2017, in preparation for which BGEO is separating the Group’s and the Bank’s Chief Financial Officer (“CFO”) functions and repositioning the Bank’s management team:
Giorgi Alpaidze will assume the role of Group CFO with immediate effect and become the investment business CFO following completion of the Group’s proposed demerger.
David Tsiklauri has been appointed Chief Financial Officer of the Bank. Levan Kulijanishvili has been appointed Deputy CEO, Operations of the Bank. Vasil Khodeli has been appointed Deputy CEO, Corporate Investment Banking of the Bank Giorgi Alpaidze, currently Head of the Group’s Finance, Funding and Investor Relations, has extensive international experience in banking, accounting and finance. He joined the Group in August 2016 from Ernst & Young LLP’s (“EY”) Greater New York City’s assurance practice, where he was a senior manager serving EY’s financial services clients. Giorgi started his career at EY Georgia in 2005 and moved to EY’s United States practice in 2010. Giorgi is a U.S. Certified Public Accountant and received his undergraduate degree in Business Administration from the European School of Management in Georgia.
David Tsiklauri, currently Deputy CEO, Corporate Investment Banking of the Bank, has extensive experience in banking and joined the Bank in February 2017. Prior to joining the Bank, David served as Deputy CEO in charge of Corporate Banking at TBC Bank, a position he held since 2014. Before TBC Bank, he served as Vice President in the Capital Markets and Treasury Solutions team at Deutsche Bank since 2011, where he started as an associate in the Debt Capital Markets Department in 2008. David has an MBA degree from London Business School.
Levan Kulijanishvili will assume a new role as Deputy CEO, Operations of the Bank in order to focus on further improvements and efficiencies in the Bank’s operations. Levan joined the Bank in 1997 and served as Group CFO and Deputy CEO, Finance of the Bank, prior to this appointment. During his 20 years of service with the Group, Levan has held various senior management positions, including Head of Compliance and Internal Control (2009 to 2015), Head of the Internal Audit department (2000 to 2009), Manager of the Financial Monitoring, Strategy and Planning department (1999 to 2000) and Head of the Financial Analysis division (1997-1999). Levan holds an MBA degree from Grenoble Graduate School of Business.
Vasil Khodeli, currently Head of Corporate Banking of the Bank, will succeed David Tsiklauri as Deputy CEO, Corporate Investment Banking. Vasil has more than 20 years of banking experience and has held various roles with the Bank since 2004. He has been actively involved in shaping the Bank’s Corporate Banking business platform since its launch. Vasil holds an MBA degree from Grenoble Business School.
The changes to the Bank’s management team remain subject to regulatory approval.
Irakli Gilauri, Group CEO commented: “I am delighted to announce these appointments which demonstrate the depth of management talent we have within the Group. Following the announcement of the Group’s intention to demerge into a London-listed banking business and London-listed investment business, I am confident that the separation of the CFO functions and repositioning of the Bank’s executive management team will support the successful completion of the demerger process and will further contribute to the development of the two independent businesses.”
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