Bank of Georgia Acquires Belarusian Bank for $34 Mln

Bank of Georgia Acquires Belarusian Bank for $34 Mln

Bank of Georgia , Georgia's largest bank by assets, agreed on Tuesday to pay $34.2 million for a 70 percent stake in Belarusian Narodny Bank, Reuters seports.

"It's a medium-sized bank and it has made a very good impression on us," Reuters cites Nika Enukidze, chairman of the supervisory board at Bank of Georgia. The bank may acquire the remaining 30% in the next three years, he also said.

According to Bank of Georgia, Belarusian Narodny Bank's assets total 48.9 mln dollars as at end of December 2007.

In October Bank of Georgia also acquired 98.77% in Ukraine's Universal Bank of Development&Partnership (UBDP) at a price tag of 81.7 mln dollars.

By 2007 Autumn the bank was governed by Vladimir Gurgenidze (photo), who is currently the Georgia's prime minister.

Bank of Georgia is the only Georgian lender listed on the London Stock Exchange. It raised $160 million in an initial public offering in November 2006 and net profit last year almost tripled to 75.4 million lari (47.7 million dollars).

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