Lado Gurgenidze
Encyclopedia
Vladimer "Lado" Gurgenidze was born on 7 December 1970 in Tbilisi, Georgia. Lado has received an MBA degree from Goizueta Business School
of Emory University
(Georgia, USA) in 1993, following his undergraduate studies at Middlebury College
(Vermont, USA) and Tbilisi State University
.
and spearheaded, as Executive Chairman and CEO, the turnaround of Bank of Georgia
. During Lado’s three-year tenure Bank of Georgia’s Total Assets and Net Income increased by 854% and 1,779%, respectively. As its market share grew from 18% to 34%, Bank of Georgia became the leading universal bank in Georgia
and in the region, with market capitalisation exceeding US$ 900 million at the time of Lado’s departure (up from US$30 million at the time of his arrival). Under Lado’s leadership Bank of Georgia became the first Georgian entity and the second bank from former Soviet Union
to list its shares on the London Stock Exchange
(November 2006), also the first-ever Georgian entity to issue international Eurobond
s (February 2007) and obtain credit rating from all three major rating agencies (Standard & Poor’s, Moody’s and Fitch Ratings
). During Lado’s tenure, more than 100 institutional investors became shareholders of Bank of Georgia’s and the bank’s free float reached 94%. In 2000 Lado established the first Georgian full-service investment bank, Galt & Taggart Securities, where he served as the Chairman of the Supervisory Board (2004–2007). Lado also served as the member of the Supervisory Board of the Georgian Stock Exchange from 2004 until 2007. Under Lado’s management Bank of Georgia became the first Georgian bank to receive Euromoney Award for excellence; Bank of Georgia was also named as the Best Bank in Georgia by the Banker
in 2006 and 2007.
In 2006 Lado hosted the licensed Georgian version of The Apprentice TV show.
Before returning to Georgia, Lado was the Managing Director, Head of Europe at Putnam Lovell (now part of Jefferies) in 2003-2004. Prior to Putnam Lovell, Lado served as Head of Technology Corporate Finance, Head of M&A and held other positions at ABN Amro
advising such clients as Swift
, Reuters
, Moneyline Telerate, Wirtualna Polska, Marconi, Andrew Corporation
, Merloni Elettrodomestici, News Corp, Global One, Golden Telecom
and UPC
.
and Georgia, in August 2008, Lado has played a vital role in stabilising the Georgian economy and financial services sector. He obtained (in September 2008) US$750 million stand-by loan facility from International Monetary Fund
and brought into country US$4.5 billion donor aid. As a result of his efforts, the Georgian economy stabilised after the armed conflict with Russia which coincided with the world financial crisis.
In October 2008 Lado was awarded the Victory Order of St. George.
Centre for Alternative Investments. In September 2009, based on the decision of President and the government of Rwanda
, Lado was appointed as the Chairman of the Supervisory Board of the largest bank in Rwanda, Bank of Kigali.
In September 2009, Lado established, together with Dinu Patriciu
, Liberty Investments, an investment company focusing on financial services institutions in frontier markets with low corruption, low taxes and open economies. In the same month, Liberty Investments announced the acquisition of 91.2% equity interest in Liberty Bank, which has the largest branch network and client base in Georgia, serving some 1.2 million clients. Under Lado’s leadership, the first phase of the turnaround of Liberty Bank has been completed and the bank has returned to profitability in Q1 2010, growing much faster than the Georgian banking sector.
On 26 May 2010, Lado was awarded the Presidential Order of Excellence for leading the country’s government during an armed conflict with Russia and introducing innovations to the Georgian business.
Lado is married with four sons.
Goizueta Business School
Goizueta Business School is a private business school of Emory University located in Atlanta, Georgia, USA. It is named after Roberto Goizueta, a former president of The Coca-Cola Company.-Academics:...
of Emory University
Emory University
Emory University is a private research university in metropolitan Atlanta, located in the Druid Hills section of unincorporated DeKalb County, Georgia, United States. The university was founded as Emory College in 1836 in Oxford, Georgia by a small group of Methodists and was named in honor of...
(Georgia, USA) in 1993, following his undergraduate studies at Middlebury College
Middlebury College
Middlebury College is a private liberal arts college located in Middlebury, Vermont, USA. Founded in 1800, it is one of the oldest liberal arts colleges in the United States. Drawing 2,400 undergraduates from all 50 United States and over 70 countries, Middlebury offers 44 majors in the arts,...
(Vermont, USA) and Tbilisi State University
Tbilisi State University
Ivane Javakhishvili Tbilisi State University , better known as Tbilisi State University , is a university established on 8 February 1918 in Tbilisi, Georgia. TSU is the oldest university in the whole Caucasus region...
.
Early Banking Career
Lado Gurgenidze is a career banker. After a decade spent at several investment banks in Eastern Europe and London. Lado returned to his native Georgia following the Rose RevolutionRose Revolution
The "Revolution of Roses" was a change of power in Georgia in November 2003, which took place after having widespread protests over the disputed parliamentary elections...
and spearheaded, as Executive Chairman and CEO, the turnaround of Bank of Georgia
Bank of Georgia
JSC Bank of Georgia is a leading Georgian universal bank, providing a full range of commercial and investment banking, wealth management, insurance, trade finance, leasing and card processing services to its corporate and retail clients...
. During Lado’s three-year tenure Bank of Georgia’s Total Assets and Net Income increased by 854% and 1,779%, respectively. As its market share grew from 18% to 34%, Bank of Georgia became the leading universal bank in Georgia
Georgia (country)
Georgia is a sovereign state in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded to the west by the Black Sea, to the north by Russia, to the southwest by Turkey, to the south by Armenia, and to the southeast by Azerbaijan. The capital of...
and in the region, with market capitalisation exceeding US$ 900 million at the time of Lado’s departure (up from US$30 million at the time of his arrival). Under Lado’s leadership Bank of Georgia became the first Georgian entity and the second bank from former Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
to list its shares on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
(November 2006), also the first-ever Georgian entity to issue international Eurobond
Eurobond
A Eurobond is an international bond that is denominated in a currency not native to the country where it is issued. It can be categorised according to the currency in which it is issued. London is one of the centers of the Eurobond market, but Eurobonds may be traded throughout the world - for...
s (February 2007) and obtain credit rating from all three major rating agencies (Standard & Poor’s, Moody’s and Fitch Ratings
Fitch Ratings
The Fitch Group is a majority-owned subsidiary of FIMALAC, headquartered in Paris. Fitch Ratings, Fitch Solutions and Algorithmics, are part of the Fitch Group....
). During Lado’s tenure, more than 100 institutional investors became shareholders of Bank of Georgia’s and the bank’s free float reached 94%. In 2000 Lado established the first Georgian full-service investment bank, Galt & Taggart Securities, where he served as the Chairman of the Supervisory Board (2004–2007). Lado also served as the member of the Supervisory Board of the Georgian Stock Exchange from 2004 until 2007. Under Lado’s management Bank of Georgia became the first Georgian bank to receive Euromoney Award for excellence; Bank of Georgia was also named as the Best Bank in Georgia by the Banker
The Banker
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London...
in 2006 and 2007.
In 2006 Lado hosted the licensed Georgian version of The Apprentice TV show.
Before returning to Georgia, Lado was the Managing Director, Head of Europe at Putnam Lovell (now part of Jefferies) in 2003-2004. Prior to Putnam Lovell, Lado served as Head of Technology Corporate Finance, Head of M&A and held other positions at ABN Amro
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
advising such clients as Swift
Swift
The swifts are a family, Apodidae, of highly aerial birds. They are superficially similar to swallows, but are actually not closely related to passerine species at all; swifts are in the separate order Apodiformes, which they share with hummingbirds...
, Reuters
Reuters
Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...
, Moneyline Telerate, Wirtualna Polska, Marconi, Andrew Corporation
Andrew Corporation
Andrew Corporation, a formerly independent manufacturer of hardware for communications networks, was established in 1947 and acquired by CommScope in 2007. It supports customers from 35 countries across Asia-Pacific, Europe, and the Americas, with manufacturing plants in 12 countries, employing...
, Merloni Elettrodomestici, News Corp, Global One, Golden Telecom
Golden Telecom
Golden Telecom is a trademark of EDN Sovintel, LLC , of Russia.In 2008, Sovintel was acquired by Vimpelcom .-Golden Telecom Inc.:Golden Telecom Inc. is an offshore company to support operations of Golden Telecom.-History:...
and UPC
UPC Broadband
UPC Broadband is a Pan-European Communications company owned by Liberty Global and is active in several European countries providing bundled cable television, internet and telephone services....
.
Political career
In November 2007 Lado was appointed as the Prime Minister of Georgia and served a one-year term until October 2008. During his short tenure as the Prime Minister, Lado has initiated significant changes to the fiscal and monetary laws of Georgia which paved the way for Georgia to become a regional trade and financial hub. Lado has also instigated changes to the Georgian financial services sector and improved the law of Georgia on industrial zones. After the armed conflict between RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
and Georgia, in August 2008, Lado has played a vital role in stabilising the Georgian economy and financial services sector. He obtained (in September 2008) US$750 million stand-by loan facility from International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
and brought into country US$4.5 billion donor aid. As a result of his efforts, the Georgian economy stabilised after the armed conflict with Russia which coincided with the world financial crisis.
In October 2008 Lado was awarded the Victory Order of St. George.
Current Engagements
Since he stepped down as Prime Minister of Georgia, Lado has been a frequent speaker on issues of economic liberty and free-market reforms at various forums and conferences and advised several developing countries in Africa on free-market reforms. From April 2009, Lado co-chairs the EmoryEmory
Emory may refer to:-Geography:* Emory Caldera* Emory Creek Provincial Park* Emory Peak* Emory River* Little Emory River-Schools:* Emory and Henry College, a liberal arts college in Emory, Virginia, USA...
Centre for Alternative Investments. In September 2009, based on the decision of President and the government of Rwanda
Rwanda
Rwanda or , officially the Republic of Rwanda , is a country in central and eastern Africa with a population of approximately 11.4 million . Rwanda is located a few degrees south of the Equator, and is bordered by Uganda, Tanzania, Burundi and the Democratic Republic of the Congo...
, Lado was appointed as the Chairman of the Supervisory Board of the largest bank in Rwanda, Bank of Kigali.
In September 2009, Lado established, together with Dinu Patriciu
Dinu Patriciu
Dan Costache "Dinu" Patriciu , is a billionaire businessman and entrepreneur with a long standing involvement in real estate. In 1998 he led an investor buyout of the previously state-owned Romanian oil company, Rompetrol...
, Liberty Investments, an investment company focusing on financial services institutions in frontier markets with low corruption, low taxes and open economies. In the same month, Liberty Investments announced the acquisition of 91.2% equity interest in Liberty Bank, which has the largest branch network and client base in Georgia, serving some 1.2 million clients. Under Lado’s leadership, the first phase of the turnaround of Liberty Bank has been completed and the bank has returned to profitability in Q1 2010, growing much faster than the Georgian banking sector.
On 26 May 2010, Lado was awarded the Presidential Order of Excellence for leading the country’s government during an armed conflict with Russia and introducing innovations to the Georgian business.
Lado is married with four sons.
External links
- Liberty Bank's website
- Liberty Capital's website
- Lado Gurgenidze's Profile On LinkedIn
- Government of Georgia
- Watch Interview With Lado Gurgenidze
- A Conversation With Lado Gurgenidze, Co-Chair Of The Emory Center For Alternative Investments
- Putting Georgia On A Path To Recovery; Interview With Lado Gurgenidze for IMF Survey
- Georgia's Future Hinges On West; Heritage Foundation
- Georgia's Search For Economic Liberty: A Blueprint For Reform In Developing Economics
- Georgia Can Be A Guiding Light For Other States
- Interview: Gurgenidze looks to "do a BoG" with Romanian tycoon