BOGG PLC announced the purchase of 100% of the shares of the leading universal bank of Armenia, "Ameriabank" - the volume of the transaction is 303.6 million USD, "Bank of Georgia" reports.

According to them, the agreement must go through regulatory procedures before the final confirmation, after which "Ameriabank" will continue to operate with the existing management as an independent subsidiary of the group and will maintain its own brand and corporate identity.

According to the information, the transaction will give BOGG PLC the opportunity to increase its scale and geographic reach by entering a neighboring, fast-growing economy. The expertise of the "Bank of Georgia" group will help the existing, experienced management team of "Ameriabank" to achieve the goals set for the development of the bank even faster.

According to the bank, "Ameriabank" offers various banking products and services to individuals and legal entities through various channels and digital platforms. It is the largest financial institution in Armenia. Along with the leading position, "Ameriabank" has a high potential for even faster development and growth, especially in the direction of retail, small and medium businesses.

"Today we announced the purchase of 100% of the shares of the leading universal bank of Armenia. "Ameriabank" is the number one bank in terms of trust and recognition among customers. "Bank of Georgia" group will strengthen "Ameriabank" by sharing the already achieved success in the Georgian market. I would like to thank the "Ameriabank" team for their cooperation in a rather busy working mode. I am looking forward to working with them", said the executive director of Bank of Georgia Group PLC, Archil Gachechiladze.