Lion Finance Group

Lion Finance Group plc is a United Kingdom-incorporated financial services holding company with its registered office in London and corporate headquarters in Tbilisi, Georgia. The group is best known for owning and coordinating major banking businesses in the South Caucasus, particularly Bank of Georgia in Georgia and Ameriabank in Armenia. Its wider portfolio also includes investment banking, a Belarusian banking operation, payments-related businesses and smaller non-banking financial companies. The company’s corporate history is closely connected with Bank of Georgia’s development as an internationally listed banking group. Bank of Georgia Holdings plc was incorporated in the United Kingdom on 14 October 2011 to create a listed holding structure for Bank of Georgia and related businesses. Its shares were admitted to trading on the London Stock Exchange on 28 February 2012. The structure gave the Georgian banking business access to international equity markets while placing the listed parent under UK corporate and market rules. In 2015, the group reorganized its operations to distinguish banking activities from investment activities. The holding company changed its name from Bank of Georgia Holdings to BGEO Group on 20 November 2015. The separation was taken further in 2018, when the investment business was transferred to Georgia Capital plc and demerged from the banking group. The transaction created two separately listed corporate vehicles: Bank of Georgia Group, focused on banking, and Georgia Capital, focused on investments. Georgia Capital was listed on the London Stock Exchange on 28 May 2018. The group expanded beyond Georgia through its acquisition of Ameriabank, described as a leading Armenian bank. Bank of Georgia Group announced the proposed purchase of all of Ameriabank in February 2024, for approximately US$303.6 million. Completion took place on 24 May 2024, adding Armenia’s banking market to the group’s principal operating footprint. On 6 February 2025, Bank of Georgia Group plc changed its name to Lion Finance Group plc. The new name reflects the broader regional and multi-business character of the holding company rather than a single-country banking identity. Its principal subsidiaries continue to provide universal banking and financial services, while other group companies extend into investment banking, payments and related financial activities. The group remains listed in London under the ticker BGEO. Publicly described shareholder information has included institutional investors such as JSC Georgia Capital, Harding Loevner, Fidelity Investments, Van Eck Associates, M&G Investment Management, Dimensional Fund Advisors, Vanguard, GLG Partners, Tiger Management and Standard Life Investments.

Lion Finance Group’s origins lie in the internationalization of Bank of Georgia. On 14 October 2011, Bank of Georgia Holdings plc was incorporated in the United Kingdom. The purpose of the structure was to provide a UK-listed parent for Bank of Georgia and associated companies, allowing the Georgian banking business to access international capital markets through a recognized London corporate and listing framework. The company’s shares were admitted to the London Stock Exchange on 28 February 2012. A significant restructuring took place in 2015. The business reorganized its banking and investment activities under a new holding arrangement, and Bank of Georgia Holdings plc changed its name to BGEO Group on 20 November 2015. The renamed group represented a broader financial platform rather than a single operating bank, with banking and investment activities managed within the same listed corporate structure. The separation of those activities became more explicit in 2018. Two United Kingdom companies, Bank of Georgia plc and Georgia Capital plc, were established for the respective banking and investment businesses. The investment business was transferred to Georgia Capital, which was demerged from the banking group and listed on the London Stock Exchange on 28 May 2018. Shareholders received interests in both the investment company and the continuing banking group as part of the separation. This created a clearer strategic identity for the banking business and allowed the investment platform to operate independently. The group subsequently pursued regional banking expansion. In February 2024, Bank of Georgia Group announced an agreement to acquire 100% of Ameriabank, a major Armenian bank, for approximately US$303.6 million. The transaction completed on 24 May 2024. Ameriabank’s inclusion broadened the group’s operating base from Georgia into Armenia and reinforced its focus on leading universal banks in neighboring markets. The group also maintained a wider financial-services portfolio. Alongside Bank of Georgia and Ameriabank, its subsidiaries and associated businesses included Galt & Taggart, an investment bank, Belarusky Narodny Bank in Belarus, and smaller companies involved in banking, payments and non-banking financial services. These businesses give the holding company exposure to multiple financial-services categories, although universal banking remains central to its identity. On 6 February 2025, Bank of Georgia Group plc changed its name to Lion Finance Group plc. The renaming followed the group’s expansion beyond Georgia and signaled a broader regional holding-company identity. Lion Finance Group remains incorporated in the United Kingdom, has its registered office in London and maintains corporate headquarters in Tbilisi. Its shares continue to trade on the premium segment of the London Stock Exchange’s main market under the ticker BGEO, and the company is identified as a constituent of the FTSE 100 Index.

• 2025

  Adoption of Lion Finance Group name

  [1]Lion Finance Groupen.wikipedia.org

  Bank of Georgia Group plc changed its name to Lion Finance Group plc on 6 February 2025.

• 2024

  Ameriabank acquisition completed

  [1]Lion Finance Groupen.wikipedia.org

  The group completed its acquisition of Ameriabank on 24 May 2024.

• 2018

  Banking and investment businesses separated

  [1]Lion Finance Groupen.wikipedia.org

  The investment business was transferred to Georgia Capital plc, which was demerged and listed in London on 28 May 2018.

• 2015

  Holding-company reorganization and renaming

  [1]Lion Finance Groupen.wikipedia.org

  The business restructured its banking and investment activities and changed its name to BGEO Group on 20 November 2015.

• 2012

  London Stock Exchange admission

  [1]Lion Finance Groupen.wikipedia.org

  Shares of Bank of Georgia Holdings were admitted to trading on the London Stock Exchange on 28 February 2012.

• 2011

  UK holding company incorporated

  [1]Lion Finance Groupen.wikipedia.org

  Bank of Georgia Holdings plc was incorporated in the United Kingdom on 14 October 2011.

A London-listed regional financial services holding company centered on universal banking franchises in Georgia and Armenia, with additional investment banking, payments and related financial businesses.

• Universal banking

  Bank of Georgia

  Bank of Georgia is the group’s principal Georgian banking franchise. It provides universal banking services across consumer, business and corporate segments, including deposit-taking, lending, payments and related financial services. The bank forms the historical core of the listed group and remains central to its regional banking strategy.

• Universal banking

  Ameriabank

  Ameriabank is the group’s Armenian banking subsidiary, acquired in 2024. It provides banking and financial services in Armenia and gives Lion Finance Group a second major South Caucasus banking platform alongside Bank of Georgia.

• Investment banking

  Galt & Taggart

  Galt & Taggart is an investment banking and financial-markets business associated with the group. Its activities extend the group beyond deposit-taking and lending into investment banking and related analytical and capital-markets services.

• Banking

  Belarusky Narodny Bank

  Belarusky Narodny Bank is a Belarusian banking subsidiary included among the group’s wider financial-services businesses.

• 2025

  Rename the holding company Lion Finance GroupStrategy

  Background

  The holding company had expanded from a primarily Georgian banking identity into a broader regional financial-services group.

  Action taken

  Bank of Georgia Group plc changed its legal name to Lion Finance Group plc on 6 February 2025.

  Aftermath

  The new name presents the company as a diversified regional financial holding group while its London listing continues under ticker BGEO.

  Source

• 2024

  Acquire AmeriabankM&A

  Background

  Bank of Georgia Group sought to expand its principal banking operations beyond Georgia into another South Caucasus market.

  Action taken

  The group announced the proposed acquisition of 100% of Ameriabank in February 2024 and completed the transaction on 24 May 2024.

  Aftermath

  Ameriabank became part of the group’s regional banking portfolio, adding Armenia to its main operating markets.

  Announced acquisition consideration. Approximately US$303.6 million (Announced February 2024; completion 24 May 2024)

  Source

• 2018

  Separate banking and investment platformsStrategy

  Background

  The group’s banking and investment operations had developed into distinct businesses with different strategic and capital-market profiles.

  Action taken

  The investment business was transferred to Georgia Capital plc, which was demerged and separately listed, while the banking business continued in the Bank of Georgia Group structure.

  Aftermath

  The transaction created separately focused listed vehicles for banking and investment activities.

  Source

1. 1Lion Finance Groupen.wikipedia.org