Russian Vneshtorgbank has purchased 51% of shares of the Georgian United Bank. A deal was signed was signed for an undisclosed sum in Tbilisi on January 18.

The major shareholder of Vneshtorgbank is the Government of the Russian Federation.

Georgian Prime Minister Zurab Zhvania, who met with visiting chairman of Vneshtorgbank Andrey Kostin hailed deal and said that “it will boost business and economic relations between Georgia and Russia.”