Georgia announces purchase of Armenian bank

Maria Novoselova/"Vestnik Kavkaza"

The Bank of Georgia announced the purchase of the Armenian Ameriabank. A Georgian bank reported this on February 19.

"BOGG PLC (Bank of Georgia - editor's note) announces the purchase of 100% of the shares of Ameriabank, the leading universal bank of Armenia. The transaction cost is $303.6 million",

the bank press service said.

 

They noted that Ameriabank would become an independent subsidiary of the Georgian bank, but it would not lose its brand and legal entity. It will also continue working with the current management.

In addition to this, the press service drew attention to the fact that their expert group would help Ameriabank with the development of its goals.

The deal is expected to be approved at the shareholders' meeting to be held in mid-March.

© Photo :Maria Novoselova/"Vestnik Kavkaza"
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