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Bank of Georgia Looks to Purchase Second Ukrainian Bank, Chairman Named PM of Georgia

Bank of Georgia Looks to Purchase Second Ukrainian Bank, Chairman Named PM of Georgia

19 November 2008

The Bank of Georgia (BGEO LI) announced last week that it is interested in purchasing another Ukrainian bank, after its August acquisition of a 98.77% stake in Kyiv-based Universal Bank for Development and Partnership (UBDP) for USD 81.7 mln. A Bank of Georgia official said that it is considering banks that have a presence in regions not covered by UBDP. In related news, the bank’s current chairman, Lado Gurgenidze, was named Georgia’s new Prime Minister. Gurgenidze will leave the bank’s supervisory board after being confirmed by the Georgian Parliament. In our talks with the bank’s management last Friday, they made it clear that Gurgenidze’s departure would have no major affect on the bank’s operations or expansion plans. Once Gurgenidze’s appointment is confirmed, current Deputy Chairman Nicholas Enukidze will take his place as chairman of the bank on an interim basis. Despite the rough autumn faced by the banking sector globally, Bank of Georgia announced strong 3Q results in which the bank’s net income jumped almost 180% to GEL 17.5 mln.

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