Why Papuashvili Doesn’t Respect Russia and Estonia

As a result, the Bank of Georgia, as a financial institution within the Lion Finance Group, became the first company from Georgia to be included in the London Stock Exchange’s Top 100. The Bank is listed alongside global companies such as HSBC, BP, Unilever, ROLLS-ROYCE, SHELL, BARCLAYS and others.Lion Finance Group officially joined the index on March 20, 2026, after the stock exchange closed, and the change officially entered into force on March 23.For information, Lion Finance Group is a banking group listed on the London Stock Exchange, which unites leading, customer-focused and digitally accessible universal banks, including Bank of Georgia and Ameriabank, which operates in the Armenian market and is the country's largest financial institution.It is worth noting that the group was first listed on the London Stock Exchange in 2006, and became a member of the FTSE 250 index in 2012.

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The company’s researchers explain that when determining the optimal loan structure, it is first necessary to determine in which currency the business is hedged. According to them, hedging means that “exchange rate changes do not have a material impact on the company’s financial indicators.” In this context, TBC Capital emphasizes that hedging indicators vary by sector: while car prices are pegged to foreign currencies, residential real estate prices, contrary to the dominant view, are “largely denominated in GEL.”Key factors in currency strategy: A one-page summary prepared by the investment company provides several practical recommendations for businesses: Multicurrency basket: According to the study, the dollar-euro-yuan basket is “40% equivalent to real GEL, with much lower costs.” Business cyclicality: The researchers believe that “in contrast to current practice, the share of GEL should be higher in cyclical sectors.” Interest rates: Despite its importance, the differential should not be “the only and overly important factor, as is often the case.” Profitability: A properly hedged structure allows for more borrowing “even without a stress scenario.” Global context and forecasts:The company’s researchers focus on assessing the equilibrium levels of the GEL and EUR/USD. The publication raises the question of whether it is appropriate to borrow in a currency that strengthens during stressful episodes and how relevant the so-called “dollar smile” is today. It also analyzes the impact of the escalation in the Middle East on the dollar as a “strengthening of the status of a safe asset.”TBC Capital notes that the framework, the idea of ​​which was published back in 2019, is becoming increasingly widespread. “Work continues on individual, company-specific approaches,” the investment company says, and partners are ready for further cooperation.

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Lion Finance Group (BGEO LN) shares closed at GBP 92.95/share (- 5.25% w/w and -9.32% m/m). More than 1.17mn shares traded in the range of GBP 90.85 - 100.50/share. Average daily traded volume was 112k in the last 4 weeks. The volume of BGEO shares traded was at 2.70% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.15/share (- 4.63% w/w and -13.93% m/m). More than 398k shares changed hands in the range of GBP 40.00 - 43.25/share. Average daily traded volume was 71k in the last 4 weeks. The volume of TBCG shares traded was at 0.71% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 34.50/share (-1.15% w/w and +1.47% m/m). More than 297k shares traded in the range of GBP 34.45 - 37.00/share. Average daily traded volume was 64k in the last 4 weeks. The volume of CGEO shares traded was at 0.85% of its capitalization. 

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Khoshtaria did not attend the announcement of the verdict, nor had she participated in any of the court proceedings, citing protest.According to her lawyer, Khoshtaria does not recognize the case as criminal and considers it politically motivated. She reportedly submitted a written statement to the court, refusing to attend the trial or acknowledge the authority of the court and related institutions affiliated with Georgian Dream.Khoshtaria was arrested on September 15, 2025, and charged under Article 187 of the Criminal Code for damaging another person’s property, causing significant loss. The incident occurred on September 14, near the election headquarters of Kakha Kaladze, when Khoshtaria wrote “Russian Dream” on Kaladze’s banner. She shared the act on social media, stating it was in solidarity with Megi Diasamidze, who had been arrested for a similar action and later released on bail. The court set bail at 5,000 GEL. Khoshtaria refused to pay and remained in detention.

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During the same period, the shares of residents and non-residents in total non-cash spending at hotels through TBC Bank channels amounted to 17% and 83%, respectively.In February 2026, non-cash spending by residents at hotels through TBC Bank channels increased by 12% year-on-year, with the average spending amounting to GEL 164.Non-residents' non-cash spending in hotels increased by 34% compared to February last year, and the average transaction volume amounted to 621 GEL.According to a review by "TBC Capital", in February 2026, non-cash spending in restaurants through TBC Bank channels increased by 34% year-on-year. The average transaction volume amounted to 36 GEL.In the same month, residents accounted for 68% of non-cash spending in restaurants through TBC Bank channels, while non-residents accounted for the remaining 32%.In February 2026, non-cash spending by residents in restaurants through TBC Bank channels increased by 25% compared to February 2025. The average spend per transaction was 27 GEL.In the same month, non-cash spending by non-residents in restaurants increased by 59% year-on-year, with the average spend reaching 126 GEL.

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During the same period, residents accounted for 85% of total non-cash spending through TBC Bank channels, while non-residents accounted for 15%.In February 2026, food spending accounted for 29% of total non-cash spending through TBC Bank channels, while spending in restaurants accounted for 16%.In the same month, non-cash spending on food increased by 21% year-on-year, with the average spending per transaction at GEL 17. Inflation on food and non-alcoholic beverages was 10%.According to a review by TBC Capital, in February 2026, the distribution of total non-cash spending on consumer goods and services through TBC Bank channels was 61% and 39%, respectively.In the same month, the share of spending on food in total non-cash spending on goods through TBC Bank channels was 47%.

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In February 2026, the weighted average selling price of old apartments in Tbilisi increased by 8% compared to February 2025 in the suburbs, by 4.8% in the wider center, and by 11.6% in the city center. In old projects across the city, prices increased by 8.5%.In February 2026, the weighted average selling price of newly built apartments in Tbilisi increased by 9.1% in the suburbs compared to February 2025, by 8.2% in the wider center, and by 14.7% in the city center.Prices for newly built apartments in the city center increased by 15.1% in the primary market, which is due to the delayed registration of transactions by developers, while an 8.2% increase was recorded in the secondary market of the city center. The increase in the weighted average price of primary transactions across the city amounted to 10.7%. In the secondary market, the weighted average price across the city increased by 6.3%.In addition, in February 2026, the number of residential apartment transactions in Tbilisi amounted to 3,801 units, an increase of 20.4% compared to February last year. The market size increased by 34.4% to $311 million.

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In February 2026, the number of transactions for newly built apartments in Batumi increased by 22.7% compared to February last year, while transactions for old apartments decreased by 12.8%. The number of transactions increased in both the primary (24.4%) and secondary (21.4%) markets for newly built apartments.According to recov.ge, the weighted average price of newly built apartments in Batumi in February 2026 increased by 12.6% compared to February last year and amounted to 1,334 USD per sq. m. The indicator increased by 23.2% in the primary market, while an increase of 6.9% was recorded in the secondary market (part of transactions in the primary market are registered late, which is why the price growth trend does not reflect reality).In February 2026, the number of residential apartment transactions in Batumi increased by 19.7% compared to February last year and amounted to 1,315 units, while the market size increased by 33.1% to 82 million USD.In addition, the increase in transactions of newly built apartments in Batumi in February 2026 was mainly due to foreign buyers. Their share in the secondary market was 50%. Compared to February of last year, the number of foreign buyers in the primary market of newly built apartments increased by 53.9%, and in the secondary market by 47.6%. The share of foreign citizens in the number of transactions surpassed the share of Georgian citizens in both the primary and secondary markets.

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