Monday, April 1 2024 21:59

CBA gives preliminary consent to purchase of Ameriabank by Bank of  Georgia

CBA gives preliminary consent to purchase of Ameriabank by Bank of  Georgia

ArmInfo.The Board of the Central Bank of Armenia has given preliminary consent to the acquisition of a significant participation in the authorized capital of Ameriabank CJSC by Bank of Georgia Group PLC (BOGG) and Bank of Georgia JSC.

As noted in the message of the Central Bank of the Republic of Armenia, the decision  was made on March 29 at a meeting of the Board of the Central Bank.   Earlier, in February of this year, Bank of Georgia Group PLC ("BOGG"  or the "Group") announced the proposed acquisition of 100 percent of  a leading bank in Armenia, Ameriabank CJSC ("Ameriabank"), for  approximately $303.6 million. A little later, as the ADB  representative office in Armenia told ArmInfo, the Asian Development  Bank (ADB) has signed a sale and purchase agreement with the Bank of  Georgia in respect of its shares in  Ameriabank.

According to the official statement of BOGG, the Georgian bank will   become the owner of 90% of the shares of Ameriabank, while the   European Bank for Reconstruction and Development (EBRD) will retain   10%.  The Asian Development Bank (ADB) owned a 13.92% stake in  Ameriabank.  Other shareholders of the bank as of January 1, 2024  were Imast Group  (S-Wye) Limited (previous name - Ameria Group  (S-Wye) Limited) with a  share in the capital of 48.82%, EBRD -  17.71%, ESPS Holding Limited -  12.05%, Afeyan Foundation for Armenia  Inc. - 7.5%. The Bank's assets  as of this date amount to $3.5   billion, loan portfolio - $2.4 billion, investments in securities -   $380 million, total capital -  $483.7 million, total liabilities - $3   billion, of which $2.2  billion are liabilities to customers.   Ameriabank completed 2023 with a net profit of $113.8 million.   Ameriabank, while maintaining its leadership in total capital, is  among the top three in other main balance sheet indicators. S&P   Global Ratings has assigned the bank a  long-term issuer credit  rating  of "BB-" with an Outlook. 

Bank of Georgia Group PLC is the first Georgian bank to be listed and  successfully quoted on the London Stock Exchange (LSE) ( -   LSE: BGEO LN). The bank is included in the FTSE-250 index. Its main   division is JSC (, ), the  leader in digital banking in Georgia, which provides a range of  banking and financial services to retail customers and businesses. As  noted in the message, relying on its competitive advantages, the   Group strives to ensure sustainable high profitability and maximize  shareholder value.   is the country's leading bank   with a market share of 35.1% (by total assets), 33.8% (by total   loans) and 34.6% (by customer deposits). The bank offers a wide range  of services in retail banking, corporate banking and investment  management. Bank of Georgia serves over 2.5 million customer   accounts, has 271 branches, the country's largest ATM network (886),   many express payment terminals (self-service), as well as a fully  functional remote banking platform and a modern call center. The bank   has credit ratings from world rating agencies: Moody's:   (in foreign and national currency), Fitch Ratings: (long-term  and short-term issuer default ratings); Outlook . 

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