Bank of Georgia purchases Armenia's Ameriabank

Armenia's Ameriabank has announced the completion of the transaction for its purchase by the Bank of Georgia Group and a change of shareholders.

The Armenian bank says on its website that its new shareholders are Bank of Georgia Group PLC (60%) and Bank of Georgia JSC (30%). The European Bank for Reconstruction and Development's stake fell to 10%.

It was reported earlier that Bank of Georgia Group PLC had reached an agreement to purchase Ameriabank for $303.6 million.

The shareholders of the bank were Imast Group (CY) Limited with 48.82%, the EBRD with 17.71%, Asian Development Bank with 13.91% and ESPS Holding Limited with 12.05%.