Silk Bank (the “Bank”) is pleased to announce that Scope Ratings UK Ltd has assigned a first-time issuer rating of B- with a Stable Outlook. This significant milestone highlights the early-stage implementation of the Bank’s medium-term transformation strategy and its commitment to becoming a profitable, innovative, and customer-centric bank by 2026.

The Bank’s strategic initiatives to enhance digital capabilities are central to its long-term sustainability. By investing in digital infrastructure, the Bank aims to provide a competitive advantage and position itself as a clear challenger to established banks. Despite being in the early stages of its strategic transformation, the Bank maintains a strong capital base and adequate liquidity. This financial strength, along with ongoing shareholder support, will fund the Bank’s growth strategy and help it navigate through the transformation period.

Aleksi Khoroshvili, CEO of Silk Bank, commented on the rating: “We are thrilled to receive this first-time issuer rating of B- from Scope Ratings. This rating is a testament to our commitment to transforming Silk Bank into a leading digital bank in Georgia. Our strategic focus on digital innovation and customer-centric solutions will drive our growth and profitability in the coming years. We are confident that with our strong capital base and dedicated team, we will achieve our goal of becoming a profitable and self-sustained bank by 2026.

The Stable Outlook assigned by Scope Ratings reflects a balanced view of the risks and opportunities ahead. We are committed to maintaining our capital and liquidity buffers, enhancing our product offering, and achieving sustained positive earnings capacity. Our ongoing strategic transformation aims to provide long-term value to our customers, shareholders, and the Georgian banking industry.”