Bank of Georgia sells 80% stake in Ukrainian 'daughter'
2011-02-22 18:04:10
Bank of Georgia has closed a deal to sell 80% stock in BG Bank, a subsidiary in Ukraine, to a group of individuals, according to BG Capital, the organizer of the transaction.
The total transaction value including the cost of services provided by BG Capital is USD 9.6 million, of which USD 5 million is paid as of the closing of the transaction, and USD 4.6 million to be paid by the end of the year.
The price of the transaction envisages the bank's assessment at 0.82 of the capital level, which as of January 31, 2011 was USD 14.6 million
After the deal, Bank of Georgia will retain 19.4% stake in the Ukrainian bank. BG Bank has no debts to Bank of Georgia.
Bank of Georgia in Ukraine is represented by BG Capital.
BG Bank was registered on January 26, 1994 and today is in the fourth group (small banks) on the classification of the National Bank of Ukraine.