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Bank of Georgia buys e-commerce platform extra.ge

By Michele Maatouk

Date: Monday 17 Jun 2019

(Sharecast News) - Bank of Georgia has announced the acquisition of Georgian e-commerce platform, extra.ge, for an undisclosed sum.
The platform facilitates consumer-to-consumer and business-to-consumer sales through its website and social media channels. Bank of Georgia said the acquisition is in line with its strategy to be "at the top" of the digital offering in the local market.

Extra.ge currently has around 350,000 returning visitors per month, while approximately 80,000 registered buyers and sellers and 100,000 products and services are listed on the platform.

Bank of Georgia said the acquisition will provide its existing and potential clients "unique" opportunities to get even more benefits from their relationship with the bank.

Chief executive officer Archil Gachechiladze said: "I am very pleased that we continue to successfully expand our footprint in digital platforms that create a great value for our clients. Extra.ge will become our new digital offering built around the simplicity and convenience of a value-enhancing single umbrella model, which enables the stakeholders to make the best deals with each other, and rely on superior financial services offered by Bank of Georgia.

"Bank of Georgia's retail and micro, small and medium-sized enterprise clients will enjoy the excellent opportunities of a new consumer experience and doing business in a dynamic and flexible digital marketplace."

At 1022 BST, the shares were down 0.6% at 1,613p.

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