Bank of Georgia extends CEO's contract by three years

Irakli Gilauri, Chief Executive Officer of FTSE 250-listed Bank of Georgia, has agreed with board directors to remain in his position until May 1st 2016.

Gilauri's service contract had previously been due to expire in August 2013.

Commenting on the contract extension, Neil Janin, Chairman of the board of directors of Bank of Georgia, said: "Irakli's contribution to the success of the bank is clear and the board is delighted to benefit from his vision and leadership to further increase value for shareholders over the next three years".

Gilauri said: "I am looking forward to another three years of working together with an excellent management team and board of directors, as we continue to further develop and grow Bank of Georgia, the country's leading financial institution.

"Having spent more than eight years with the bank, I have full confidence in the capabilities of this bank and the team to capitalise on the opportunities that lie ahead of us and deliver further value to shareholders."

On February 19th, the company unveiled details of its financial performance for the full year.

Earnings per share rose 17.6% to GEL 5.22 (£2.04).

Year-on-year revenue rose 14.9% to GEL 498.3m (£192.4m) and in the fourth quarter of 2012, revenue was up 15.5% against the corresponding period in 2011.

Pre-tax profit for continuing operations rose 23.7% and profit for the period increased 32.2% to GEL 43.8m (£17.1m).

Bank of Georgia's share price was up 0.64% to 1,415p at 14:18 on Wednesday.

MF