BOGG PLC, an international financial group based in the UK, has finalized a deal acquiring a 90% stake in Ameriabank, a leading financial institution in Armenia. This acquisition, valued at $303.6mn, marks a significant expansion for BOGG PLC, which already owns the Georgian bank Bank of Georgia.
Under the deal, 60% of Ameriabank shares now belong to BOGG PLC, while Bank of Georgia holds 30% and the European Bank for Reconstruction and Development (EBRD) retains 10%. Notably, the Asian Development Bank (ADB) has exited its previous 13.92% stake.
Ameriabank, boasting assets of $3.5bn and a net profit of $113.8mn in 2023, maintains its strong position in the financial sector. With this acquisition, BOGG PLC aims to undergo a rebranding, while Ameriabank will continue operations under its existing name and management.
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