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Bank of Georgia’s Unit to Buy 50% Stake in Tbilisi Hospital

UK-based bank holding company Bank of Georgia Holdings Plc’s Georgia Healthcare Group subsidiary has signed a binding Memorandum of Understanding, subject to relevant regulatory approvals, to acquire 50.0% equity interest in Georgian hospital operator GNCo, with effective management and operational control over the company, the bank said on Monday.

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GNCo is a holding company that owns 100% of High Technology Medical Center University Clinic a 450-bed major and established referral hospital in Tbilisi, which provides a range of in-patient and out-patient services, including the largest department of oncology radiotherapy in Georgia.

HTMC is the single largest hospital in Georgia, the bank said.

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The acquisition of this new hospital isconsistent with the company’s announced strategy to grow its healthcare services business through targeted hospital acquisitions focusing on Tbilisi.

Upon completion of the acquisition, GHG’s portfolio will include 41 healthcare facilities and 2,670 beds across Georgia, further increasing the gap with the nearest competitor and offering increasing number of patients an access to quality healthcare.

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Bank of Georgia Holdings PLC is a UK-incorporated holding company of Bank of Georgia. Bank of Georgia is a Georgian bank that offers a broad range of corporate banking, retail banking, wealth management, brokerage and insurance and healthcare services to its clients.

As of 31 March 2015, the bank served approximately 1.5m client accounts through one of the largest distribution networks in Georgia, with 219 branches, the country’s largest ATM network, comprising 554 ATMs,2,245 Express pay (self-service) terminals and a full-service remote banking platform and a modern call centre.