Giorgi Shagidze has been appointed as Bank of Georgia’s CFO
Lion Finance Group PLC (the “Company” or the “Group”) announces updates within the Executive Management team of the Group and its Georgian banking subsidiary, JSC Bank of Georgia (the “Bank”).
Sulkhan Gvalia, acting as the Group and Bank of Georgia’s Chief Financial Officer (“CFO”), has decided to step down from the executive role from March 2026 to transition to a new stage in his life, following a 20-year tenure with the Group. He will remain a non-executive member on the supervisory boards of the Group’s various subsidiaries, including Ameriabank, the Group’s banking subsidiary in Armenia.
Sulkhan will be succeeded by Giorgi Shagidze, who will be appointed Group CFO, responsible for Group finance and international growth, and Deputy CEO, Chief Financial Officer of Bank of Georgia (subject to regulatory approval). Giorgi joins from his recent role as CEO of maib, Moldova’s largest bank. Since 2021, he has led a bank-wide agile and digital transformation, strengthening digital capabilities, embedding a customer-centric culture, and delivering strong and consistent financial performance, alongside strong growth in market share and digital engagement. This comprehensive transformation significantly enhanced the bank’s institutional strength and long-term value. Giorgi’s broad banking experience includes serving as Deputy CEO and CFO of TBC Bank Group, where he played a key role in the Group’s IPO and the early stages of its expansion into Uzbekistan, as well as previously working as a Global Operations Executive at Barclays PLC. He holds an MBA from the University of Cambridge, is a CFA charterholder, and is a graduate of the Stanford Executive Program at Stanford Graduate School of Business.
Furthermore, Giorgi Gureshidze, who has successfully led Bank of Georgia’s Mass Retail Banking direction since March 2025, has been promoted to the position of Deputy CEO, subject to regulatory approval.
Archil Gachechiladze, Group and Bank of Georgia CEO, commented: “I would like to thank Sulkhan for his dedicated service and invaluable contributions to our success. He has been a pivotal member of the executive team, successfully leading our finance function and helping to build our business and culture. I am delighted that he will remain with the Group in a non-executive role.
I am also very pleased to welcome Giorgi Shagidze to the team. His successful tenure as CEO at Maib provides him with deep experience in leading ambitious digital transformations and developing customer-focused banking. Giorgi’s new role will concentrate on enhancing the finance function and pursuing international growth opportunities. I believe his insights, leadership qualities, and knowledge of the broad region will enrich the whole team.
Finally, I would like to congratulate Giorgi Gureshidze on his well-deserved promotion. Under his leadership, Bank of Georgia’s mass retail business has consistently delivered strong results and grown from strength to strength. I wish him success in his new position.”
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Georgian PM meets retail chains to discuss reducing food prices
22.01.2026.01:13
Georgian Prime Minister Irakli Kobakhidze on Wednesday met with representatives of major retail chains at the governmental coordination commission on food prices, emphasising that economic growth should translate into tangible benefits for citizens and addressing high markups in the market.
In his remarks, Kobakhidze highlighted that while business freedom was essential for economic development and employment, it should not come at the expense of citizens.
“Business freedom is our main starting point, and naturally it has its advantages when businesses independently define their activities. This supports the economy and employment and is important in every respect. However, in this case, the social burden on the population has become so heavy that we decided, based on consultations, to try to introduce certain changes to the overall situation”, he said.
The Prime Minister noted that some price differences in the market were two to three times higher than they should be, with an average markup of 86 percent.
“In reality, there are cases where the difference in prices is double or even triple. Together with you, we want to discuss what can be done in this direction and how certain practices can be changed in order to achieve price reductions. Overall, according to our calculations, the average total markup is 86 percent. We believe that an 86% markup is quite high. Over the past five years, the number of markets in the country has doubled”, he noted.
Kobakhidze further highlighted that Georgia had 113 markets per 100,000 people - much higher than Germany or Austria - which contributed to elevated prices.
“In Georgia, there are 113 markets per 100,000 people, whereas in Germany the same figure is 45, and in Austria it is 62. In some countries, the figures are even lower. Naturally, this ultimately affects prices and places an additional burden on the population”, Kobakhidze concluded.
The Government plans to hold additional meetings with distributors and local producers, and the commission’s work will extend beyond food to address medicine and fuel prices.
The meeting was attended by up to 15 representatives of large retail grocery chain markets.
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