Bank of Georgia Obtains 70% Shares of National Bank of Belarus

The Bank of Georgia has purchased 70% shares of the National Bank of Belarus. The shares cost $34.2mln, and the Bank of Georgia will be able to purchase the remaining 30% in the upcoming three years in line with the agreement signed with Belarus, Nika Enukidze, chairman of the Supervisory Board of the Bank of Georgia said in a press conference on 13 May.

As of 31 December 2007, the assets of the Belarusian bank totaled $48.9mln and capital of shares – $26.6mln. The Bank has 4 branches, but Enukidze said that the number of branches will go up to 16 by the end of the year.

He stated that the National Bank of Belarus is operating as an independent bank which will be controlled by the Bank of Georgia. Tariel Gvaliya will direct the Supervisory Board of the Bank.

Bank of Georgia is one of the first foreign banks to enter the Belarusian bank market.