Bank of Georgia snaps up Vardanyan's Ameriabank

Bank of Georgia snaps up Vardanyan
# 19 February 2024 14:15 (UTC +04:00)

Bank of Georgia confirmed the signing of a conditional agreement to acquire the leading Armenian bank for $303.6 million, APA reports citing AJ Bell.

Bank of Georgia said that it was fully funded for the $303.6 million deal. Upon completion, 90% of Ameriabank will be acquired, with a 10% shareholding to be retained by the European Bank for Reconstruction & Development.

Bank of Georgia said that the Yerevan-based bank has ‘an attractive franchise, in an attractive market, with similar characteristics to Georgia’. It is reported that the bank was under the control of Ruben Vardanyan, a Russian billionaire who is currently in prison in Baku, and who was one of the leaders of the Garabagh separatists.