StockMarketWire.com - BGEO Group's banking business subsidiary, JSC Bank of Georgia, has won an auction, organised by Tbilisi City Hall for the modernisation of the public transportation payment system in Tbilisi, Georgia.

The group said that as a result, Bank of Georgia would continue as the sole provider of payment support services to the public transportation network, and operate mass retail branches in Tbilisi metro stations for the next ten years.

It said the bankwould will pay a total consideration of GEL22.2 million.

It added: "As part of the auction mandate, Bank of Georgia will implement a modern payment system for public transportation network in Tbilisi, including payment processing using Visa and MasterCard plastic cards, and create a digital platform for ticket reservations and purchases through mobile phone applications."


At 9:19am: [LON:BGEO] BGEO Group share price was +43p at 3490p



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