LONDON (ShareCast) - (Sharecast News) - Bank of Georgia Group announced a number changes and appointments to the executive management team of its bank operation, JSC Bank of Georgia, on Tuesday, which were set to take effect from 1 May.
The FTSE 250 company said the new management structure had been updated following the recent appointment of Archil Gachechiladze as the group's chief executive officer.

It said Sulkhan Gvalia had been appointed as deputy chief executive officer and chief financial officer, replacing David Tsiklauri, while Levan Kulijanishvili would continue as deputy chief executive officer of operations.

Mikheil Gomarteli would continue as deputy CEO of emerging and mass retail, and micro business banking, while Giorgi Pailodze had been appointed as deputy CEO of corporate investment banking, replacing Vasil Khodeli, who would remain on the management board of the bank.

George Chiladze would continue as deputy chief executive officer and chief risk officer, and Vakhtang Bobokhidze would continue as deputy chief executive officer and chief information officer.

Ramaz Kukuladze would step down from his role as deputy CEO of SME and premium retail business banking.

The board said his directorate would be split into two roles, both reporting to Archil Gachechiladze, with Zurab Masurashvili - formerly head of micro lending - becoming head of SME, while Eter Iremadze - former deputy CEO of Georgian Global Utilities, a senior corporate banker with Bank of Georgia and head of SOLO Banking - would become head of SOLO and premium retail business banking.

Bank of Georgia Group said Sulkhan Gvalia had "extensive experience" in banking, having worked in a number of senior management roles at Bank of Georgia, including chief risk officer between 2005 and 2012, and head of corporate banking between 2012 and 2016.

Prior to those roles, Gvalia served as deputy chairman of the management board of Tbi UniversalBank, before its acquisition by Bank of Georgia in November 2004.

He was currently the founder and CEO of E-Space - the only Georgian company developing the electric car charging infrastructure in the country - and served as a non-executive independent director at Inecobank Armenia.

Gvalia held a law degree from Tbilisi State University.

Giorgi Pailodze, who would assume his role on 1 June, was joining the bank from Evercore - an investment banking advisory firm - where he was most recently based in London, providing independent strategic advice to corporate and private equity companies across a range of sectors.

He had previously held a number of banking management roles, including working for Citi Investment Bank, TBC Bank and HSBC Georgia.

Pailodze held an MBA from Cornell University, Johnson Graduate School of Management.

"I am delighted to announce this new executive management team which demonstrates both the depth of management talent we have within the group, and our ability to attract high quality executives from outside the bank," said group chief executive officer Archil Gachechiladze.

"As I mentioned when I was appointed to this role in January 2019, there are many opportunities available in the Georgian financial services sector to develop more digital and modern financial services throughout Georgia.

"With this enhanced executive management team, I very much look forward to leveraging those opportunities over the next few years."

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