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Bank of Georgia Buys into Aldagi Insurance Company
Civil Georgia, Tbilisi / 22 Dec.'06 / 12:50

Bank of Georgia (BOG) said on December 21 that its wholly-owned insurance subsidiary BCI has purchased 100% equity interest in Aldagi insurance company for USD 7.6 million.

After the acquisition of Georgia’s leading insurance company, BCI’s share in Georgia's insurance market is expected to exceed 40%. Aldagi’s merger into BCI is expected to be over by June, 2007.

Lado Gurgenidze, chief of BOG’s supervisory board, said that as a result of the deal BCI has turned into a leader on the Georgian insurance market, which is “poised for rapid growth over the next few years.”

Bank of Georgia is the largest bank in the country by total assets, gross loans and total equity in the country with 98 branches and over 380 thousand clients. The bank had its initial public offering at the London Stock Exchange in late November.

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