Banking
Posted: 1 month ago

BOGG PLC Acquires Armenia's Leading Bank

BOGG PLC has finalized a deal to acquire 100% of Ameriabank's shares, Armenia's top universal bank, for a transaction amount of $303.6 million.

This acquisition awaits regulatory approval before it can be officially sanctioned. Post-approval, Ameriabank will operate as an independent entity under the BOGG PLC umbrella, maintaining its brand identity and management team.

This strategic acquisition positions BOGG PLC to expand its footprint into the burgeoning Armenian economy, leveraging the Bank of Georgia Group's expertise to accelerate Ameriabank's growth trajectory.

Ameriabank, renowned for its comprehensive suite of banking solutions for both retail and corporate clients, stands as Armenia's largest financial institution. With its dominant market position, Ameriabank is poised for even more rapid expansion, particularly in retail banking and SME sectors.

Archil Gachechiladze, CEO of Bank of Georgia Group PLC, expressed enthusiasm about the acquisition: "We are thrilled to announce our acquisition of Ameriabank, a bank synonymous with trust and customer preference in Armenia. The Bank of Georgia Group looks forward to bolstering Ameriabank with our proven success formula in the Georgian market. My gratitude goes to the Ameriabank team for their dedication during this intensive negotiation period, and I eagerly anticipate our future collaboration."