Lion Finance Group (BGEO LN) shares closed at GBP 69.85/share (- 0.14% w/w and +2.42% m/m). More than 171k shares traded in the range of GBP 67.40 - 70.95/share. Average daily traded volume was 44k in the last 4 weeks. The volume of BGEO shares traded was at 0.39% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 47.90/share (+4.59% w/w and +5.74% m/m). More than 293k shares changed hands in the range of GBP 45.45 - 48.60/share. Average daily traded volume was 62k in the last 4 weeks. The volume of TBCG shares traded was at 0.52% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 20.25/share (+6.58% w/w and +5.80% m/m). More than 340k shares traded in the range of GBP 18.98 - 20.60/share. Average daily traded volume was 49k in the last 4 weeks. The volume of CGEO shares traded was at 0.86% of its capitalization. 

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During the visit, he met with the World Bank Vice President for Development Finance, Akihiko Nishio.The activities to be implemented within the 21st replenishment of the International Development Association (IDA) and the evaluation of the 20th replenishment program of IDA were discussed.The World Bank Vice President thanked the Minister of Finance for the donation made by Georgia to the International Development Association and drew attention to the importance of this process.In turn, Lasha Khutsishvili, in his conversation with the World Bank President, emphasized the many years of successful cooperation with the World Bank. The Minister of Finance spoke about the current macroeconomic parameters and medium-term forecasts.The parties reviewed the projects implemented and ongoing in Georgia with the support of the World Bank.Georgia joined the number of IDA donor countries in 2022, on the 30th anniversary of cooperation with the Association, and is already participating in the second replenishment of resources as a donor.At the end of the meeting, the parties expressed their readiness to continue cooperation.

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During the bilateral meeting, the parties discussed the existing cooperation between Georgia and Luxembourg in the fields of taxation and finance, and expressed their readiness to further deepen this partnership.Lasha Khutsishvili briefed his counterpart on the current macroeconomic situation and forecasts in Georgia.Additionally, the Ministers of Finance of Georgia and Luxembourg signed a protocol amending the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital. The aim of the amendment is to align the existing agreement between Georgia and Luxembourg with the OECD’ 2017 Model Tax Convention.The updated legal document will contribute to the further deepening of economic cooperation between Georgia and Luxembourg and will enhance collaboration between the two countries in the areas of tax transparency and exchange of information for tax purposes.It is noteworthy that on March 27, 2024, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes published Georgia's peer review report, according to which the country’s legal framework and practices in the field of tax transparency and exchange of information are in line with international standards. As a result, Georgia was rated as Largely Compliant.The meeting was also attended on the Georgian side by Deputy Minister of Finance Ekaterine Guntsadze and Department Head of the Tax and Customs Policy Marine Khurtsidze.

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The shares will be purchased in the open market and the cancellation of the treasury shares will be executed on a monthly basis.The purpose of the buyback is to reduce the share capital. Under the buyback programme, the maximum price paid per share will not exceed the latest reported NAV per share amount.The USD 18 million increase to the existing share buyback and cancellation programme will complete the Company’s previously announced intention to commit GEL 300 million to capital returns through the end of 2026, significantly ahead of schedule.As announced on 26 June 2025, the Company will announce the use of proceeds from the exercise of its option to put a 20% equity stake in Georgia Global Utilities JSC following the receipt of funds at the end of July.In accordance with the authority granted by the shareholders at the 2025 annual general meeting (“AGM”), the maximum number of shares that may be repurchased is 5,233,275.The programme is conducted within certain pre-set parameters, and in accordance with the general authority to repurchase shares granted at the 2025 AGM, Chapter 12 of the FCA Listing Rules, and the provisions of the Market Abuse Regulation 596/2014/EU and of the Commission Delegated Regulation (EU) 2016/1052 (as they form part of UK domestic law). The programme is extended by three months, until 2 October 2025.The Company has appointed Numis Securities Limited (“Deutsche Numis”) to manage an irrevocable, non‐discretionary share buyback programme until the end of the programme. During closed periods the Company and its directors have no power to invoke any changes to the programme and it is being executed at the sole discretion of Deutsche Numis.Georgia Capital exercises its option to put a 20% stake in the water utility business Georgia Capital PLC ("GCAP" or the “Company”) announces today that its wholly owned subsidiary, JSC Georgia Capital ("JSC GCAP"), has exercised its option to put a 20% equity stake in Georgia Global Utilities JSC ("GGU"). In accordance with the terms of the shareholders’ agreement, the majority shareholder, Aqualia Georgia LLC ("Aqualia"), is to pay JSC GCAP a put option price of USD 70.4 million, determined pursuant to the pre-agreed calculation mechanism. 

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As of 01.06.2025, the annual change in retail consumer lending is +24.3% (01.06.2024 - +28.2% Y.Y).In addition, compared to last year, loan rates have increased, which is due to internal unrest and deteriorating sentiment. Credit resources have become more expensive. In addition, regulations, including several rounds of restrictions on foreign currency lending, up to 750,000 GEL, which will come into effect from August and, according to the NBG, should reduce foreign currency lending by $150 million.This, like all other regulations, will be transferred to GEL loans immediately and will be reflected in the standard increase in loan rates.According to banks, the minimum rate for a consumer unsecured (up to 4 years) loan (6 months) is determined from 13% (effective 22%). A 2-year annual loan is issued from 16% (effective 21.46%). A 4-year loan is >17.2% (effective 21.4%).Secured loans have a term of up to 10 years and an average nominal rate of 15-16%. The rate is fixed for 2/3 years. Then it is tied to the refinancing or TIBR rate. For example: as of June 30 -  8.36 + 8.5 = 16.9%.

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A downward trend has been observed since the beginning of the year (01.01.2025 +18%Y.Y).Business lending has also slowed down. According to the statistics of the National Bank of Georgia, as of 01.06.2025, the annual growth rate is 13.2% (01.01.2025 + 17.8%Y.Y. 01.06.2024 + 20.08%). Volume - 37.1 billion (01.06.2024 – 32.9 billion).Banks' investments in large businesses are 11.9 billion GEL (01.01.2025- 12.2 billion; 01.06.2024 –10.67 billion) in medium and small (SME) - 25.2 billion (01.01.2025 – 24.27 billion, 01.06.2024 – 22.25 billion).In May, 1,878 loans worth 1.6 billion GEL were issued to large businesses. 31,747 loans worth 1.3 billion GEL were issued to SMEs.The dollarization of the flow issued to large businesses is 52%, SME – 49.2%.

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Lending to resident legal entities is 29.1 billion GEL. 63.5% - up to 18.5 billion are foreign currency loans, the GEL portfolio is 10.6 billion. The annual growth rate of business loans has decreased to 13.2% (L/m +14.1% Y.Y).In contrast, retail lending has increased, up to +15.1%, as of 01.06.2025. (L/m- 14.4% Y.Y). The annual growth of consumer loans is still above 20% at +24.3Y.Y (L/m +24.7%Y.Y).Analysts point to a slowdown in business activity, a decrease in demand and an increase in the cost of loans. Credit resources for the banking sector have become more expensive.Loan rates have also been affected by several rounds of increases in the limit for foreign currency lending (increasing to 750,000 from August 1). Hedging costs have increased. Practice has shown that the regulation of foreign currency lending is also transferred to lari loans.According to the statistics of the National Bank of Georgia, the market rate for consumer loans has increased to 16.7% (L/Y – 16.6%). The minimum rate on foreign currency has increased to 7.7% (L/y – 7.4%).Mortgages have become more expensive, the annual rate is set at 12% (L/Y – 11.78%). In foreign currency, 7.5% remains.

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According to the updated statistics of the National Bank of Georgia, the deposit ratio is 61.7% (01.01.2025 - 63.5%), loans - 67.6% (01.01.2025 - 67.8%).As of Q1/2025, banks' assets to GDP are 104.5%, amounting to 98.225 billion GEL (01.01.2025 -95.7 billion, 01.06.2025 - 98.228 billion).For the reporting period, deposits (current accounts, term and demand deposits) amounted to 58.47 billion GEL (01.01.2025 – GEL 58.26 billion, 01.06.2025 – GEL 58.9 billion). Of this, the share of government deposits is constantly in the range of 6-7%. As of June 1, it is 4.3 billion GEL - 7.3%.When determining the coefficient, the NBG is guided by the GDP data for the last 4 quarters.

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As a result, the number of ordinary shares with voting rights held by it was determined at 1,682,584.The trading took place in Cape Town, South Africa, on June 27.It should be recalled that Allan Gray also reduced its stake in TBC PLC on November 2, 2023, from 4.9897% to 3.9978%.

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McIntyre has also received approval from the National Bank of Georgia to be appointed to the Supervisory Board of JSC Bank of Georgia with effect from 23 June 2025.Following Mr McIntyre's appointment as Chair of the Audit Committee, and in accordance with succession planning procedures, Mr Muir has stepped down from the Board of Directors of the Company as an independent Non-Executive Director, as Chair of the Audit Committee, and as a member of the Nomination Committee with effect from 26 June 2025."On behalf of the Board, I would like to thank Jonathan for his very considerable commitment and contributions to the Board and the Group over the years, particularly in his role as Chair of the Audit Committee. Jonathan leaves with our very best wishes. We are pleased to welcome Andrew as Chair of the Audit Committee with his broad international financial services experience which will continue to benefit the Audit Committee in achieving its ongoing objectives”, - Mel Carvill, Lion Finance Group PLC's Chair, commented.McIntyre is a seasoned financial expert with nearly three decades of experience at Ernst & Young, where he served as a Partner from 1988 to 2016, specializing in international financial services. He currently serves as Senior Independent Director at C. Hoare & Co. and as a Non-Executive Director at Lloyds Bank Corporate Markets PLC.His previous board roles include positions at the National Bank of Greece S.A., Ecclesiastical Insurance Group PLC, and the Centre for Economic Policy Research. McIntyre holds a Master’s degree in Medical Sciences and Music from the University of Cambridge and is a Chartered Accountant/Auditor.

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