Liberty Investments Holding B.V., a newly established joint venture of Georgia’s former Prime Minister, Lado Gurgenidze, and Romanian tycoon, Dinu Patriciu, announced on September 22 about purchase of 91.2% shares of People’s Bank of Georgia. People’s Bank is the seventh largest bank in Georgia by total assets with 3.4% market share. It has the largest network of branches in Georgia. Gurgenidze, who is a former chief executive of the country’s largest Bank of Georgia in which he still holds minority shares of less than 2%, said in the hands of “competent investor” People’s Bank had a potential to be among the top five banks in the country. Dinu Patriciu, who sold his remaining 25% of shares in Rompetrol this year, said Liberty investment company intended to raise additional capital and “invest in one to two opportunities every year.” |
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