January 10, 2019 / 7:59 AM / 6 months ago

UPDATE 1-Bank of Georgia insider Archil Gachechiladze tapped as CEO

(Adds details on appointment, background on shares)

Jan 10 (Reuters) - Bank of Georgia Group Plc brought back former executive Archil Gachechiladze to head the London-listed lender, replacing Kaha Kiknavelidze who will step down as chief executive officer at the end of the month, the company said on Thursday.

Gachechiladze will join the company from his current role as CEO of Georgia Global Utilities. He previously was chief financial officer of BGEO Group.

Last May, BGEO Group demerged into two separate companies - Bank of Georgia Group and Georgia Capital.

Bank of Georgia shares plunged 40 percent last year, and in December the bank said that after a period of reflection it had agreed with Kiknavelidze that the time was now right for a new CEO to take the business to its next phase.

Tbilisi-based Bank of Georgia offers retail, corporate and investment banking and wealth management services, with its results often mirroring the health of the Georgian economy. (Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

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