IFC, the World Bank's private-sector investment arm, and EBRD each became 4.58% shareholders in Bank of Georgia (BoG), which last month took a premium listing on the London Stock Exchange.

International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) became shareholders of Georgia’s largest bank by assets after converting some of their loans to the bank into equity, IFC, EBRD and BoG announced on March 29.

The two convertible subordinated loans, USD 26 million each from IFC and EBRD, were part of  USD 200 million financing package that the international finance institutions provided to Bank of Georgia in December 2008.

Bank of Georgia has a 35.6% market share in total assets, 34.5% market share in total loans and 35.6% market share in client deposits.