Bank of Georgia announced the purchase of the leading bank of Armenia – Kommersant

The largest bank in Georgia, Bank of Georgia, announced today, February 19, the purchase of 100% of the shares of Ameriabank (Armenia). BOG Executive Director Archil Gachechiladze reportedthat Ameriabank is “the leading bank in Armenia in terms of customer trust and recognition.” Bank of Georgia, according to the manager, will strengthen Ameriabank by transferring to it “the experience of success in Georgia.” Transaction amount: $303.6 million.

“I would like to thank my Armenian colleagues for their intensive cooperation. We look forward to working with them,” concluded Mr. Gachechiladze.

The Georgian bank emphasizes that after the approval of the transaction by the regulators of Georgia and Armenia, “Ameriabank will continue to work with the current management as a subsidiary of Bank of Georgia Group PLC, while maintaining its brand and corporate identity,” and BOG “will expand the geographical area of ​​​​operation by entering the market with a rapidly growing economy.”

Ameriabank is the largest credit institution in Armenia. “It offers individuals and legal entities a variety of banking products and services based on a variety of channels and digital platforms, with great potential for rapid development, especially in the field of retail, small and medium-sized businesses,” the BOG statement emphasizes.

The Georgian government and the National (central) Bank of Georgia have not yet commented on the event. But, as the former president of the National Bank, member of parliament Roman Gotsiridze suggested, “a deal of this magnitude was probably previously agreed upon at the government level.”

Georgiy Dvali, Tbilisi