- Bank of Georgia said a subsidiary had signed a 10-year $107m subordinated syndicated loan agreement arranged by Dutch group FMO.

The agreement was signed in collaboration with other participating lenders including DEG, the Finnish Fund for Industrial Cooperation and Obviam, on behalf of the Swiss Investment Fund for Emerging Market.

The facility was expected to be treated as a Tier 2 capital instrument under the Basel III framework recently introduced in Georgia and would further improve the overall capitalisation of the bank, the company said.

At 1:16pm: [LON:BGEO] BGEO Group share price was -20.5p at 1579.5p

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