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.
 
“People’s Bank has significant turnaround potential, due to the largest branch footprint and exclusive pension franchise,” he said.

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.”