BGEO GROUP LIMITED

What BGEO GROUP LIMITED does

Lion Finance Group PLC (formerly BGEO Group PLC and Bank of Georgia Group PLC) is a UK-incorporated holding company listed on the London Stock Exchange (ticker BGEO.LN) and a constituent of the FTSE 100 index. The Group operates two principal banking subsidiaries: JSC Bank of Georgia, the leading universal bank in Georgia, and Ameriabank CJSC, Armenia's leading bank acquired in March 2024. Through these subsidiaries, the Group serves retail, SME, and corporate customers across the Caucasus via an omni-channel model combining physical branch networks, ATMs, BOG Pay self-service payment terminals, internet banking, and a mobile banking application. The Group's revenue model is anchored in net interest income from lending activities, complemented by fee and commission income from payment processing, card services, account maintenance, and merchant acquiring (Bank of Georgia holds 56.9% payments acquiring market share in Georgia).

Supporting capabilities include digital onboarding, an award-winning mobile application (Bank of Georgia was named World's Best Digital Bank by Global Finance for the second consecutive year in 2025), and a dedicated sCoolApp for school students featuring financial education and gamification. The Group also operates Galt & Taggart as its investment banking arm in Georgia and runs ecosystem programmes such as the 500 Georgia startup accelerator (with 500 Global and GITA), the Accounting Development Programme for SMEs, the Leaderator internship, STEM Schools, and Ideatheca libraries. Sustainability-linked lending is institutionalized through a GEL 1,024M green loan portfolio (4.3% of Bank of Georgia's gross loan portfolio as of Dec-24), with Energy Credit solar financing and dedicated green tranches in development-bank facilities.

Profitability and capital position are strong: profit before one-offs reached GEL 2.2B in FY2025 (up 20.9% YoY), with 1Q26 profit of GEL 585M, ROAE of 27.4%, cost-to-income of 34.7%, and 2.2M digital MAU across the two banks. Capital raising is active, including a USD 300M Eurobond (May 2026, 3x oversubscribed), USD 100M ADB facility (May 2026), EUR 150M EBRD facility (Nov 2025), and a GEL 450M local-currency Eurobond (2025). Credit ratings sit at Fitch BB / Moody's Ba2 (Bank of Georgia) and S&P BB- (Ameriabank), with the parent holding FTSE 100 status since 2025.

Name

BGEO GROUP LIMITED

Legal name

Lion Finance Group PLC

Website

https://lionfinancegroup.uk

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Lion Finance Group PLC is the UK-listed holding company of Bank of Georgia and Ameriabank, operating leading universal banks in Georgia and Armenia serving retail, SME, and corporate customers across the Caucasus through physical branches and digital channels.

Ownership category

akta.pro rank

Product category

Universal Banking

NAICS

Offices of Bank Holding Companies (551111), Commercial Banking (522110)

SIC

National Commercial Banks (6021), Finance Services (6199)

akta.pro primary industry

Consumer & Retail (CPG, Food, Apparel) (FSABACAM)

akta.pro secondary industry

Loan Operations & Servicing (Consumer/SME/Corporate) (FSABALAD)

Keywords

• Universal banking services
• Retail banking
• Corporate investment banking
• Payment acquiring services
• Digital banking platforms

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income: Interest income from lending activities net of interest expense, representing the primary revenue stream from the universal banking operations in Georgia and Armenia
2. Fee and Commission Income: Fees from payment processing, card services, account maintenance, and other banking services
3. Payments Acquiring: Revenue from merchant payment acceptance solutions; Bank of Georgia holds 56.9% payments acquiring market share in Georgia
4. Green Finance: Interest and fees from green loan portfolio including renewable energy and energy efficiency projects; Green loan portfolio of GEL 1,024M as of Dec-24

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

BGEO Group Limited (operating as Lion Finance Group PLC) is a publicly listed holding company that operates leading universal banks in Georgia and Armenia through two principal subsidiaries: JSC Bank of Georgia and Ameriabank CJSC. The Group delivers retail banking, SME banking, corporate and investment banking, payment acquiring, digital financial services, and green/sustainable financing across the Caucasus region. It also operates the investment banking arm Galt & Taggart and digital platforms including a mobile banking app, internet banking, BOG Pay terminals, and sCoolApp.

Product overview

Lion Finance Group PLC operates a multi-product financial services platform through two principal operating subsidiaries: Bank of Georgia (Georgia's leading universal bank) and Ameriabank CJSC (Armenia's leading bank, acquired March 2024). The Group offers retail banking, corporate and investment banking, and SME banking services. Digital banking products include mobile banking applications, internet banking, BOG Pay terminals (with bogpay.ge web version), and sCoolApp for student financial services. The Group also operates supporting programs including the 500 Georgia startup accelerator, Accounting Development Programme, Leaderator internship programme, STEM education initiatives, and green financing products like Energy Credit. Galt & Taggart provides investment services. The product portfolio spans core banking operations, digital platforms, and community development initiatives.

Differentiator

Problem solved

Functional benefit

Brands

• Bank of Georgia: Leading universal bank operating in Georgia market
• Ameriabank
• Galt & Taggart
• BOG Pay
• sCoolApp

Products and services

• Bank of Georgia (JSC Bank of Georgia)
• Ameriabank CJSC
• Galt & Taggart
• BOG Pay Terminals
• sCoolApp
• Energy Credit (Green Financing)

Quantifiable outcome

• 2.2M digital monthly active users across Bank of Georgia and Ameriabank platforms
• +4 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Armenia Securities ExchangeminorOthersAmeriabank CJSC AT1 capital notes will be listed on Armenia Securities Exchange as part of USD 100 million issuance programme (second tranche of USD 50 million placed in June 2026)
• 500 GlobalcoreStrategic or Co-development PartnerStrategic partnership with 500 Global and Georgia's Innovation and Technology Agency (GITA) for 500 Georgia acceleration programme initiated in 2020. Designed to fast-track development of Georgian and international early-stage startups. 83 start-up participants since inception, 20 in 2024.
• Georgia's Innovation and Technology Agency (GITA)coreStrategic or Co-development PartnerGovernment partner in 500 Georgia acceleration programme and Code IT initiative providing techno-parks for school students to learn coding
• Komarovi SchoolminorStrategic or Co-development PartnerPartnership to form STEM School offering 1-year online courses in STEM for school students with academic quality theoretical and practical knowledge. 350 participants in 2024.
• Georgian Book InstituteminorStrategic or Co-development PartnerPartnership to design colourful, multifunctional libraries (Ideathecas) in public schools since 2020. 26 Ideathecas opened since 2019 reaching 20,000+ students.
• Local Accounting FirmsminorImplementation/ SI/ Consulting PartnerPartnership with local accounting firms for Accounting Development Programme providing affordable accounting software packages to SMEs
• Fitch RatingsminorOthersCredit rating agency providing Bank of Georgia with Long-term BB, Short-term B, Stable Outlook ratings
• Moody's RatingsminorOthersCredit rating agency providing Bank of Georgia with Ba2 long-term, NP short-term ratings, Negative outlook; also rated Ameriabank
• S&P Global RatingsminorOthersCredit rating agency providing Ameriabank with BB- long-term and Ba3 short-term ratings

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Garanti BBVA: Garanti BBVA is one of Turkey's leading universal banks, owned by Spain's BBVA. Comparable as a publicly-listed emerging market bank with strong digital banking capabilities and consistent profitability.
• Komerční banka: Komerční banka is a major Czech universal bank with strong digital banking positioning. Comparable as a publicly-listed European bank holding company with similar focus on retail, SME, and digital banking.
• Bank of Cyprus: Bank of Cyprus is the dominant universal bank in Cyprus with a similar franchise model of retail, SME, and corporate banking. Comparable as a small regional bank holding company with strong domestic market position.
• Yapı Kredi Bankası: Yapı Kredi is a major Turkish universal bank with strong digital transformation. Relevant comparable for emerging market banking with high cost efficiency and digital-first customer acquisition.
• Akbank: Akbank is one of Turkey's largest private banks, comparable in universal banking model serving retail, SME, and corporate clients. Relevant for high-growth emerging market banking with strong digital channels.

Emerging players

• Kaspi.kz: Kaspi.kz operates a super-app combining payments, marketplace, and banking services in Kazakhstan. It is a relevant comparable for Lion Finance Group's digital banking and payments acquiring leadership ambitions in emerging markets.

Broad incumbents

• Halyk Bank: Halyk Bank is Kazakhstan's largest universal bank, operating with a similar model of leading retail, SME, and corporate banking in a frontier/post-Soviet market. Comparable in scale, profitability metrics, and digital transformation trajectory.
• OTP Bank: OTP Bank is a Hungarian-headquartered universal bank with extensive CEE and CIS franchise, including acquisitions in emerging markets. Comparable model of regional cross-border expansion and digital banking leadership.
• Raiffeisen Bank International: RBI is one of the largest universal banks in CEE/CIS, with broad retail and corporate banking across multiple emerging European markets. Relevant comparable for cross-border banking operations and digital transformation.

Direct peers

• TBC Bank Group: TBC Bank Group is the other major universal bank in Georgia and the most direct competitor to Bank of Georgia. Both compete head-to-head in retail, SME, and corporate banking across the same geography with similar digital-first strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lion-finance-group-plc

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BGEO GROUP LIMITED